5. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2017 and December 31, 2016, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2017
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	99,338	$	(44,364	)	$	54,974
Tenant relationship value		12,831		(10,412	)		2,419
Above market leases acquired		4,354		(2,337	)		2,017
Total intangible assets, net	$	116,523	$	(57,113	)	$	59,410

Acquired lease intangibles, net:
Below market leases acquired	$	30,391	$	(14,402	)	$	15,989

	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 June 30, 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 (six months remaining)	$	6,595	$	1,193
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	$	59,410	$	15,989