Real Estate Intangibles (Tables)

6 Months Ended

Jun. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of real estate intangibles excluding those classified as held for sale

The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):

	June 30, 2018			December 31, 2017
Assets:
In place lease intangibles	$	1,380,504		$	1,352,139
Above market tenant leases	58,373			58,443
Below market ground leases	59,030			58,784
Lease commissions	36,848			33,105
Gross historical cost	1,534,755			1,502,471
Accumulated amortization	(1,150,396		)	(1,125,437		)
Net book value	$	384,359		$	377,034
Weighted-average amortization period in years	14.7			15.1
Liabilities:
Below market tenant leases	$	71,660		$	60,430
Above market ground leases	8,540			8,540
Gross historical cost	80,200			68,970
Accumulated amortization	(41,503		)	(39,629		)
Net book value	$	38,697		$	29,341
Weighted-average amortization period in years	16.0			20.1

Schedule of Real Estate Intangible Amortization

The following is a summary of real estate intangible amortization for the periods presented (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Rental income related to above/below market tenant leases, net	$	(333	)	$	267		$	(684	)	$	571
Property operating expenses related to above/below market ground leases, net	(312		)	(307		)	(679		)	(619		)
Depreciation and amortization related to in place lease intangibles and lease commissions	(33,763		)	(35,439		)	(66,024		)	(74,741		)

Schedule of future amortization expense

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):

	Assets		Liabilities
2018	$	61,540	$	2,953
2019	83,254		5,546
2020	54,511		5,059
2021	22,985		4,559
2022	17,996		4,095
Thereafter	144,073		16,485
Total	$	384,359	$	38,697

Schedule of future amortization income

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):

	Assets		Liabilities
2018	$	61,540	$	2,953
2019	83,254		5,546
2020	54,511		5,059
2021	22,985		4,559
2022	17,996		4,095
Thereafter	144,073		16,485
Total	$	384,359	$	38,697