Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020			2019
In-place leases	$	414,298		$	438,188
Above-market leases		59,381			63,944
Total intangible assets		473,679			502,132
Accumulated amortization		(284,880	)		(259,310	)
Acquired lease intangible assets, net	$	188,799			242,822
Below-market leases		523,678			558,936
Accumulated amortization		(145,966	)		(131,676	)
Acquired lease intangible liabilities, net	$	377,712			427,260

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

	Year ended December 31,
(in thousands)	2020		2019		2018		Line item in Consolidated Statements of Operations
In-place lease amortization	$	48,297		60,250		76,649	Depreciation and amortization
Above-market lease amortization		7,658		9,112		10,433	Lease income
Below-market ground lease amortization ⁽¹⁾		—		—		1,688	Operating and maintenance
Acquired lease intangible asset amortization	$	55,955		69,362		88,770

Below-market lease amortization	$	50,103		54,730		45,561	Lease income
Above-market ground lease amortization ⁽¹⁾		—		—		94	Operating and maintenance
Acquired lease intangible liability amortization	$	50,103		54,730		45,655

⁽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, where they continue to be amortized to Operating and maintenance in the accompanying Consolidated Statements of Operations.

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
2021	$	31,120	$	24,237
2022		24,137		22,265
2023		19,580		21,183
2024		15,364		19,122
2025		12,604		18,540