5. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2018 and December 31, 2017, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2018

	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	106,574	$	(46,495	)	$	60,079
Tenant relationship value		10,593		(9,064	)		1,529
Above market leases acquired		4,712		(2,706	)		2,006
Total intangible assets, net	$	121,879	$	(58,265	)	$	63,614

Acquired lease intangibles, net:
Below market leases acquired	$	35,719	$	(16,209	)	$	19,510

	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

As of March 31, 2018, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, are as follows (dollars in thousands):

	Assets		Liabilities
2018 (nine months remaining)	$	11,483	$	2,648
2019		13,130		2,847
2020		10,452		2,081
2021		7,538		1,432
2022		5,355		1,264
Thereafter		15,656		9,238
Total	$	63,614	$	19,510