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Intangible Leases and Goodwill
 12 Months Ended
Dec. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles Assets and Liabilities and Goodwill
5. INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL

Acquired Intangible Assets and Liabilities—Acquired intangible assets and liabilities consisted of the following as of December 31, 2017 and 2016 (in thousands):
  
2017
 
2016
 
Gross Amount
 
Accumulated Amortization
 
Gross Amount
 
Accumulated Amortization
Management contracts
$
58,000

 
$
(2,900
)
 
$
—

 
$
—

Acquired in-place leases
313,432

 
(123,314
)
 
212,916

 
(92,347
)
Acquired above-market leases
53,524

 
(24,631
)
 
42,009

 
(19,443
)
Below-market lease liabilities
(118,012
)
 
27,388

 
(63,287
)
 
20,255


Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2017, 2016, and 2015 (in thousands):
 
2017
 
2016
 
2015
Management contracts
$
2,900

 
$
—

 
$
—

Acquired in-place leases
30,966

 
28,812

 
29,970

Acquired above-market leases
5,188

 
5,228

 
5,819

Acquired below-market leases
(7,133
)
 
(6,436
)
 
(6,640
)
Total
$
31,921

 
$
27,604

 
$
29,149


Estimated future amortization of the respective acquired intangible assets and liabilities as of December 31, 2017, for each of the next five years is as follow (in thousands):
 
Management Contracts
 
In-Place Leases
 
Above-Market Leases
 
Below-Market Leases
2018
$
11,600

 
$
35,572

 
$
5,883

 
$
(9,801
)
2019
11,600

 
30,270

 
5,145

 
(8,959
)
2020
11,600

 
24,794

 
4,583

 
(8,389
)
2021
11,600

 
20,086

 
3,715

 
(7,644
)
2022
8,700

 
16,778

 
2,761

 
(6,925
)

Goodwill—In connection with the PELP transaction, we recorded goodwill of approximately $29.1 million, which was allocated to our Investment Management segment. During the year ended December 31, 2017, we did not record any impairments to goodwill. For more information regarding goodwill from the PELP transaction, see Note 3.