Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

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

	September 30, 2020
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	89,504	$	(39,302	)	$	50,202
Tenant relationship value	2,610		(2,399		)	211
Above market leases acquired	1,140		(838		)	302
Total intangible assets, net	$	93,254	$	(42,539	)	$	50,715
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	29,189	$	(11,689	)	$	17,500

	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

Summary of Amortization for Intangible Assets and Liabilities

As of September 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 (three months remaining)	$	4,273	$	1,011
2021	14,789		3,601
2022	9,627		2,065
2023	7,564		1,651
2024	5,214		1,425
Thereafter	9,248		7,747
Total	$	50,715	$	17,500