5. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2016 and December 31, 2015, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2016
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	147,858	$	(64,085	)	$	83,773
Tenant relationship value		15,596		(12,084	)		3,512
Above market leases acquired		4,718		(1,989	)		2,729
Total intangible assets, net	$	168,172	$	(78,158	)	$	90,014

Acquired lease intangibles, net:
Below market leases acquired	$	45,658	$	(24,245	)	$	21,413

	December 31, 2015
	Total Cost			Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	161,276		$	(57,063	)	$	104,213
Tenant relationship value		20,117			(15,580	)		4,537
Above market leases acquired		5,333			(1,879	)		3,454
		186,726			(74,522	)		112,204
Assets held for sale		(2,854	)		2,273			(581	)
Total intangible assets, net	$	183,872		$	(72,249	)	$	111,623

Acquired lease intangibles, net:
Below market leases acquired	$	50,025		$	(24,178	)	$	25,847
Assets held for sale		(1,069	)		877			(192	)
Total acquired lease intangibles, net	$	48,956		$	(23,301	)	$	25,655

As of June 30, 2016, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no prospective early lease terminations):

	Assets		Liabilities
2016 (six months remaining)	$	14,239	$	3,294
2017		19,658		3,323
2018		11,753		2,196
2019		10,542		1,885
2020		8,456		1,337
Thereafter		25,366		9,378
Total	$	90,014	$	21,413