Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2020 and December 31, 2019, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2020
	Total Cost			Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	144,957		$	(78,187	)	$	66,770
Tenant relationship value	5,142			(4,859		)	283
Above market leases acquired	4,685			(3,979		)	706
	154,784			(87,025		)	67,759
Assets held for sale	(57,465		)	44,968			(12,497		)
Total intangible assets, net	$	97,319		$	(42,057	)	$	55,262
	Total Cost			Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	34,751		$	(15,561	)	$	19,190
Assets held for sale	(5,225		)	4,612			(613		)
Total intangible liabilities, net	$	29,526		$	(10,949	)	$	18,577

	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 June 30, 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 (six months remaining)	$	8,768		$	2,057
2021	14,816			3,615
2022	9,652			2,079
2023	7,567			1,652
2024	5,214			1,425
Thereafter	21,742			8,362
	67,759			19,190
Assets held for sale	(12,497		)	(613		)
Total	$	55,262		$	18,577