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Acquired In-Place Leases
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
ACQUIRED IN-PLACE LEASES ACQUIRED IN-PLACE LEASES
Acquired lease assets comprise above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities comprise below market leases where we are the lessor and above market leases where we are the lessee. As a lessor, acquired above market leases are included in prepaid expenses and other assets, and acquired below market leases are included in other liabilities and deferred credits. In accordance with our adoption of ASC Topic 842, acquired below market leases and acquired above market leases where we are the lessee are included in right of use assets. The following is a summary of our acquired lease assets and liabilities:
 
December 31, 2019
 
December 31, 2018
 
Cost
 
Accumulated Amortization
 
Cost
 
Accumulated Amortization
 
(in thousands)
Above market leases, lessor
$
48,530

 
$
(32,833
)
 
$
49,128

 
$
(33,843
)
Below market leases, lessee
34,604

 
(3,362
)
 
34,604

 
(2,533
)
    Total
$
83,134

 
$
(36,195
)
 
$
83,732

 
$
(36,376
)
 
 
 
 
 
 
 
 
Below market leases, lessor
$
(177,512
)
 
$
66,419

 
$
(189,379
)
 
$
65,408

Above market leases, lessee
(9,084
)
 
1,590

 
(9,084
)
 
1,065

    Total
$
(186,596
)
 
$
68,009

 
$
(198,463
)
 
$
66,473


The value allocated to in-place leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of in-place leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(in thousands)
Amortization of above market leases, lessor
$
(3,239
)
 
$
(5,608
)
 
$
(6,005
)
Amortization of below market leases, lessor
9,623

 
12,445

 
10,726

    Net increase in rental income
$
6,384

 
$
6,837

 
$
4,721

 
 
 
 
 
 
Amortization of below market leases, lessee
$
828

 
$
828

 
$
781

Amortization of above market leases, lessee
(525
)
 
(505
)
 
(290
)
    Net increase in rental expense
$
303

 
$
323

 
$
491

The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities:
 
 
December 31, 2019
 
 
 
Above market leases, lessor
 
3.7 years
Below market leases, lessee
 
39.6 years
Below market leases, lessor
 
18.1 years
Above market leases, lessee
 
14.4 years

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:
 
 
Acquired Lease Assets
 
Acquired Lease Liabilities
 
 
(In thousands)
Year ending December 31,
 
 
 
 
2020
 
$
4,350

 
$
8,235

2021
 
3,370

 
7,687

2022
 
2,716

 
7,394

2023
 
2,488

 
7,134

2024
 
2,223

 
6,603

Thereafter
 
31,792

 
81,534

 
 
$
46,939

 
$
118,587