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Acquired Lease Intangibles (Tables) | 12 Months Ended
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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 |

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