5. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2017 and December 31, 2016, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2017
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	114,196	$	(54,834	)	$	59,362
Tenant relationship value		13,036		(10,378	)		2,658
Above market leases acquired		4,703		(2,501	)		2,202
Total intangible assets, net	$	131,935	$	(67,713	)	$	64,222

Acquired lease intangibles, net:
Below market leases acquired	$	30,683	$	(14,079	)	$	16,604

	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

As of March 31, 2017, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, are as follows (dollars in thousands):

	Assets		Liabilities
2017 (nine months remaining)	$	11,409	$	1,809
2018		11,754		2,196
2019		10,536		1,885
2020		8,457		1,337
2021		5,971		807
Thereafter		16,095		8,570
Total	$	64,222	$	16,604