Acquired Intangibles Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2019

Acquired Intangible Assets and Liabilities [Abstract]

Schedule of carrying values for the major classes of intangible assets and liabilities

Summarized below are the carrying values for the major classes of intangible assets and liabilities (unaudited and in thousands):

		June 30, 2019						December 31, 2018
		Gross						Gross
		Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
	Useful Lives	Value		Amortization		Value		Value		Amortization		Value
Customer Relationships	12 years	$	95,705	$	(32,436)	$	63,269	$	95,705	$	(28,461)	$	67,244
In-Place Leases	0.3 to 10 years		34,622		(19,901)		14,721		32,066		(17,670)		14,396
Solar Power Agreement (1)	17 years		13,747		(3,908)		9,839		13,747		(3,639)		10,108
Platform Intangible	3 years		—		—		—		9,600		(9,600)		—
Acquired Favorable Leases
Acquired below market leases - as Lessee	46 years		—		—		—		2,301		—		2,301
Acquired above market leases - as Lessor	0.5 to 8 years		5,041		(3,644)		1,397		4,649		(3,247)		1,402
Tradenames	3 years		—		—		—		3,100		(3,100)		—
Total Intangible Assets		$	149,115	$	(59,889)	$	89,226	$	161,168	$	(65,717)	$	95,451
Solar Power Agreement (1)	17 years		13,747		(3,908)		9,839		13,747		(3,639)		10,108
Acquired Unfavorable Leases
Acquired below market leases - as Lessor	1 to 4 years		1,096		(779)		317		809		(611)		198
Acquired above market leases - as Lessee	11 to 12 years		2,453		(875)		1,578		2,453		(767)		1,686
Total Intangible Liabilities (2)		$	17,296	$	(5,562)	$	11,734	$	17,009	$	(5,017)	$	11,992

(1) Amortization related to the Solar Power Agreement asset and liability is recorded at the same rate and therefore has no net impact on the statement of operations.

(2) Intangible liabilities are included within the “Advance rents, security deposits and other liabilities” line item of the consolidated balance sheets.

Schedule of estimated amortization of acquired favorable and unfavorable leases

The estimated amortization of acquired favorable and unfavorable leases for each of the five succeeding fiscal years ending December 31 is as follows (unaudited and in thousands):

	Net Rental Revenue		Net Rental Expense
	Decrease		Increase/(Decrease)
2019 (July - December)	$	183	$	(110)
2020		664		(216)
2021		152		(216)
2022		51		(216)
2023		24		(216)
Thereafter		6		(604)
Total	$	1,080	$	(1,578)

Schedule of estimated amortization of all other identified intangible assets

2019 (July - December)	$	6,648
2020		12,091
2021		10,587
2022		10,074
2023		10,070
Thereafter		28,520
Total	$	77,990