6. INTANGIBLE ASSETS

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

	December 31, 2017
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	108,060	$	(47,003	)	$	61,057
Tenant relationship value		11,201		(9,275	)		1,926
Above market leases acquired		4,545		(2,556	)		1,989
Total intangible assets, net	$	123,806	$	(58,834	)	$	64,972

Acquired lease intangibles, net:
Below market leases acquired	$	36,213	$	(15,939	)	$	20,274

	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

For both the years ended December 31, 2017 and 2016, the Company accelerated the amortization of intangible assets by approximately $0.6 million as a result of tenant move-outs prior to the end of the associated lease term. For the year ended December 31, 2015, this amount was $0.5 million. For the years ended December 31, 2017, 2016, and 2015, the Company accelerated the amortization of a nominal amount of intangible liabilities as a result of tenant move-outs.

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

	Assets		Liabilities
2018	$	14,948	$	3,553
2019		12,438		2,807
2020		9,770		2,042
2021		7,160		1,406
2022		5,093		1,238
Thereafter		15,563		9,228
Total	$	64,972	$	20,274