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Acquired Lease Intangibles (Tables) | 12 Months Ended
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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 |

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