5. INTANGIBLE ASSETS AND LIABILITIES

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

	September 30, 2017
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	100,519	$	(45,765	)	$	54,754
Tenant relationship value		12,831		(10,646	)		2,185
Above market leases acquired		4,354		(2,476	)		1,878
Total intangible assets, net	$	117,704	$	(58,887	)	$	58,817

Acquired lease intangibles, net:
Below market leases acquired	$	32,158	$	(15,002	)	$	17,156

	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 September 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 (three months remaining)	$	3,443	$	677
2018		12,257		2,512
2019		10,984		2,198
2020		8,904		1,650
2021		6,366		1,062
Thereafter		16,863		9,057
Total	$	58,817	$	17,156