| Schedule of Intangible Assets and Liabilities Relating to Amortization |
The following is a summary of intangible assets and liabilities and related accumulated amortization at June 30, 2017 and December 31, 2016:
|
(in thousands) |
|
June 30,
2017 |
|
|
December 31,
2016 |
|
|
Lease intangibles: |
|
|
|
|
|
|
|
|
|
Acquired above-market leases |
|
$ |
54,609 |
|
|
$ |
45,490 |
|
|
Less accumulated amortization |
|
|
(7,003 |
) |
|
|
(4,940 |
) |
|
Acquired above-market leases, net |
|
|
47,606 |
|
|
|
40,550 |
|
|
Acquired in-place leases |
|
|
161,830 |
|
|
|
141,676 |
|
|
Less accumulated amortization |
|
|
(18,969 |
) |
|
|
(14,105 |
) |
|
Acquired in-place leases, net |
|
|
142,861 |
|
|
|
127,571 |
|
|
Total intangible lease assets, net |
|
$ |
190,467 |
|
|
$ |
168,121 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquired below-market leases |
|
$ |
64,413 |
|
|
$ |
54,062 |
|
|
Less accumulated amortization |
|
|
(7,709 |
) |
|
|
(6,191 |
) |
|
Intangible lease liabilities, net |
|
$ |
56,704 |
|
|
$ |
47,871 |
|
|
|
|
|
|
|
|
|
|
|
|
Leasing fees |
|
$ |
14,822 |
|
|
$ |
13,279 |
|
|
Less accumulated amortization |
|
|
(2,296 |
) |
|
|
(1,950 |
) |
|
Leasing fees, net |
|
$ |
12,526 |
|
|
$ |
11,329 |
|
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated future amortization of intangible assets and liabilities at June 30, 2017 is as follows:
|
(in thousands) |
|
|
|
|
|
Remainder of 2017 |
|
$ |
5,662 |
|
|
2018 |
|
|
11,469 |
|
|
2019 |
|
|
10,683 |
|
|
2020 |
|
|
10,574 |
|
|
2021 |
|
|
10,532 |
|
|
Thereafter |
|
|
97,369 |
|
|
|
|
$ |
146,289 |
|
|