| Schedule of Intangible Assets and Liabilities Relating to Amortization |
The following is a summary of intangible assets and liabilities and related accumulated amortization at December 31:
|
(in thousands) |
|
December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
Lease intangibles: |
|
|
|
|
|
|
|
|
|
Acquired above-market leases |
|
$ |
59,502 |
|
|
$ |
45,490 |
|
|
Less accumulated amortization |
|
|
(9,183 |
) |
|
|
(4,940 |
) |
|
Acquired above-market leases, net |
|
|
50,319 |
|
|
|
40,550 |
|
|
Acquired in-place leases |
|
|
216,858 |
|
|
|
141,676 |
|
|
Less accumulated amortization |
|
|
(24,518 |
) |
|
|
(14,105 |
) |
|
Acquired in-place leases, net |
|
|
192,340 |
|
|
|
127,571 |
|
|
Total intangible lease assets, net |
|
$ |
242,659 |
|
|
$ |
168,121 |
|
|
Acquired below-market leases |
|
$ |
91,667 |
|
|
$ |
54,062 |
|
|
Less accumulated amortization |
|
|
(9,923 |
) |
|
|
(6,191 |
) |
|
Intangible lease liabilities, net |
|
$ |
81,744 |
|
|
$ |
47,871 |
|
|
Leasing fees |
|
$ |
16,286 |
|
|
$ |
13,279 |
|
|
Less accumulated amortization |
|
|
(2,732 |
) |
|
|
(1,950 |
) |
|
Leasing fees, net |
|
$ |
13,554 |
|
|
$ |
11,329 |
|
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated future amortization of intangible assets and liabilities for at December 31, 2017 is as follows:
|
(in thousands) |
|
|
|
|
|
2018 |
|
$ |
16,009 |
|
|
2019 |
|
|
13,452 |
|
|
2020 |
|
|
13,321 |
|
|
2021 |
|
|
13,282 |
|
|
2022 |
|
|
13,136 |
|
|
Thereafter |
|
|
105,269 |
|
|
|
|
$ |
174,469 |
|
|