Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Net Accumulated Amortization and Accretion

The Company had the following acquired lease intangibles:

	December 31,
(in thousands)	2019			2018
In-place leases	$	438,188		$	457,379
Above-market leases		63,944			57,294
Below-market ground leases (1)		—			92,085
Total intangible assets	$	502,132			606,758
Accumulated amortization		(259,310	)		(219,689	)
Acquired lease intangible assets, net	$	242,822			387,069
Below-market leases		558,936		$	584,371
Above-market ground leases (1)		—			5,101
Total intangible liabilities		558,936			589,472
Accumulated amortization		(131,676	)		(92,746	)
Acquired lease intangible liabilities, net	$	427,260			496,726

⁽¹⁾ On January 1, 2019, the Company adopted the new accounting guidance in ASC Topic 842, Leases, including all related ASUs, and correspondingly reclassified Below-market ground leases and Above-market ground leases against the Company’s Right of use asset.  

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:

	Year ended December 31,
(in thousands)	2019		2018		2017		Line item in Consolidated Statements of Operations
In-place lease amortization	$	60,250		76,649		88,284	Depreciation and amortization
Above-market lease amortization		9,112		10,433		9,443	Lease income
Below-market ground lease amortization (1)		—		1,688		1,886	Operating and maintenance
Acquired lease intangible asset amortization	$	69,362		88,770		99,613
Below-market lease amortization	$	54,730		45,561		34,786	Lease income
Above-market ground lease amortization (1)		—		94		136	Operating and maintenance
Acquired lease intangible liability amortization	$	54,730		45,655		34,922

⁽¹⁾ On January 1, 2019, the Company adopted the new accounting guidance in ASC Topic 842, Leases, including all related ASUs, and correspondingly reclassified Below-market ground leases and Above-market ground leases against the Company’s Right of use asset.

Schedule of Future Amortization Expense and Minimum Rent

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:

(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2020		42,998	$	37,593
2021		32,551		24,120
2022		24,928		22,228
2023		19,682		21,379
2024		15,395		19,346