Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

5. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2019 and December 31, 2018, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2019
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	176,557	$	(69,371	)	$	107,186
Tenant relationship value		7,244		(6,558	)		686
Above market leases acquired		4,966		(3,473	)		1,493
Total intangible assets, net	$	188,767	$	(79,402	)	$	109,365
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Acquired lease intangibles, net:
Below market leases acquired	$	48,200	$	(20,242	)	$	27,958

	December 31, 2018
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	181,887	$	(53,376	)	$	128,511
Tenant relationship value		9,564		(8,551	)		1,013
Above market leases acquired		4,966		(3,142	)		1,824
Total intangible assets, net	$	196,417	$	(65,069	)	$	131,348
	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Acquired lease intangibles, net:
Below market leases acquired	$	49,655	$	(17,872	)	$	31,783

As of June 30, 2019, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2019 (six months remaining)	$	19,995	$	3,578
2020		28,393		5,707
2021		20,128		4,302
2022		12,791		2,654
2023		9,756		2,094
Thereafter		18,302		9,623
Total	$	109,365	$	27,958