Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

6. INTANGIBLE ASSETS

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

	December 31, 2016
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	142,889	$	(75,696	)	$	67,193
Tenant relationship value		13,074		(10,167	)		2,907
Above market leases acquired		4,718		(2,340	)		2,378
Total intangible assets, net	$	160,681	$	(88,203	)	$	72,478

Acquired lease intangibles, net:
Below market leases acquired	$	37,579	$	(19,460	)	$	18,119

	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

For the years ended December 31, 2016, 2015, and 2014, the Company accelerated the amortization approximately $0.6 million, $0.5 million and $0.8 million, respectively, of intangible assets as a result of tenant move-outs prior to the end of the associated lease term. For the years ended December 31, 2016, 2015, and 2014, the Company accelerated amortization of a nominal amount of intangible liabilities as a result of tenant move-outs.

As of December 31, 2016, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, are as follows (dollars in thousands):

	Assets		Liabilities
2017	$	19,663	$	3,323
2018		11,754		2,196
2019		10,536		1,885
2020		8,457		1,337
2021		5,971		807
Thereafter		16,097		8,571
Total	$	72,478	$	18,119