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Intangibles | 12 Months Ended
--- | ---
Dec. 31, 2019
Intangibles |
Intangibles | Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (in thousands):
|  | December 31,
Intangible lease assets |  | 2019 |  | 2018
Gross intangible lease assets |  | $ | 615,538 |  |  | $ | 556,114 |
Accumulated depreciation and amortization |  | (283,845 | ) |  | (251,035 | )
Intangible assets, net |  | $ | 331,693 |  |  | $ | 305,079 |
Intangible liabilities primarily consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (in thousands):
|  | December 31,
Intangible lease liabilities |  | 2019 |  | 2018
Gross intangible lease liabilities |  | $ | 113,213 |  |  | $ | 94,444 |
Accumulated depreciation and amortization |  | (38,222 | ) |  | (39,781 | )
Intangible liabilities, net |  | $ | 74,991 |  |  | $ | 54,663 |
The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Depreciation and amortization expense related to amortization of lease-up intangibles |  | $ | 148,509 |  |  | $ | 67,350 |  |  | $ | 76,732 |
Rental and related revenues related to amortization of net below market lease liabilities |  | 6,471 |  |  | 5,253 |  |  | 2,030 |
During the year ended December 31, 2019, in conjunction with the Company’s acquisitions of real estate (see Note 4), the Company acquired intangible assets of $157 million and intangible liabilities of $33 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 3 years and 8 years, respectively. On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):
| Rental and Related Revenues(1) |  | Depreciation and Amortization(2)
2020 | $ | 8,876 |  |  | $ | 103,988 |
2021 | 8,034 |  |  | 51,516 |
2022 | 8,349 |  |  | 44,922 |
2023 | 7,783 |  |  | 39,020 |
2024 | 7,145 |  |  | 22,880 |
Thereafter | 25,270 |  |  | 59,833 |
| $ | 65,457 |  |  | $ | 322,159 |
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(1) | The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues.
(2) The amortization of lease-up intangibles is recorded to depreciation and amortization expense.

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