Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2020 and December 31, 2019, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2020
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	153,328	$	(79,024	)	$	74,304
Tenant relationship value	5,142		(4,775		)	367
Above market leases acquired	4,866		(3,867		)	999
Total intangible assets, net	$	163,336	$	(87,666	)	$	75,670
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	43,302	$	(22,697	)	$	20,605

	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

As of March 31, 2020, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2020 (nine months remaining)	$	18,801	$	3,665
2021	17,854		3,838
2022	12,043		2,257
2023	9,213		1,716
2024	6,294		1,428
Thereafter	11,465		7,701
Total	$	75,670	$	20,605