Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets on the balance sheets as of September 30, 2020 and December 31, 2019 included the following (in thousands):


	2020		2019
In-place leases, net of accumulated amortization of $205,497 and $163,867 in 2020 and 2019, respectively	$	161,129	$	202,760
Above-market tenant leases, net of accumulated amortization of $32,865 and $26,487 in 2020 and 2019, respectively	29,322		35,699
Below-market ground lease, net of accumulated amortization of $1,104 and $897 in 2020 and 2019, respectively	17,309		17,516
Goodwill	1,674		1,674
	$	209,434	$	257,649

The carrying amount of goodwill did not change during the nine months ended September 30, 2020 and 2019.

Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2020 was $10.2 million and $33.7 million, respectively. Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2019 was $17.6 million and $30.7 million, respectively. Over the next five years and thereafter aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands):


	Below Market Rents		Above Market Ground Lease		Below Market Ground Lease		Above Market Rents		In Place Leases
2020 (three months)	$	(4,193)	$	(12)	$	69	$	1,791	$	11,939
2021	(14,148)		(46)		276		6,578		39,902
2022	(11,076)		(46)		276		5,209		28,017
2023	(9,388)		(46)		276		4,160		22,858
2024	(8,172)		(46)		276		3,280		17,969
Thereafter	(19,394)		(1,442)		16,136		8,304		40,444
	$	(66,371)	$	(1,638)	$	17,309	$	29,322	$	161,129