INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

7. INTANGIBLE ASSETS

As of December 31, 2019 and 2018, the Company’s intangible assets were comprised of the following (in thousands):

	December 31, 2019
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	167,357	$	(84,123	)	$	83,234
Tenant relationship value	5,268		(4,815		)	453
Above market leases acquired	4,956		(3,792		)	1,164
Total intangible assets, net	$	177,581	$	(92,730	)	$	84,851
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	44,757	$	(22,494	)	$	22,263

	December 31, 2018
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	181,887	$	(53,376	)	$	128,511
Tenant relationship value	9,564		(8,551		)	1,013
Above market leases acquired	4,966		(3,142		)	1,824
Total intangible assets, net	$	196,417	$	(65,069	)	$	131,348
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	49,655	$	(17,872	)	$	31,783

For the years ended December 31, 2019, 2018, and 2017, the Company accelerated the amortization of intangible assets by approximately $4.5 million, $0.7 million, and $0.6 million, respectively, as a result of tenant move-outs prior to the end of the associated lease term. For the year ended December 31, 2019 the Company accelerated the amortization of approximately $2.2 million of intangible liabilities as a result of tenant move-outs. For the years ended December 31, 2018 and 2017 the Company accelerated the amortization of a nominal amount of intangible liabilities as a result of tenant move-outs.

As of December 31, 2019, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, are as follows (dollars in thousands):

	Assets		Liabilities
2020	$	27,813	$	5,270
2021	17,887		3,856
2022	12,067		2,263
2023	9,236		1,722
2024	6,317		1,434
Thereafter	11,531		7,718
Total	$	84,851	$	22,263