| Intangible Assets and Liabilities |
7. Intangible Assets and Liabilities
The following is a summary of intangible assets and liabilities and related accumulated amortization:
|
|
|
December 31, |
|
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
Lease intangibles: |
|
|
|
|
|
|
|
|
|
Acquired above-market leases |
|
$ |
62,136 |
|
|
$ |
64,164 |
|
|
Less accumulated amortization |
|
|
(17,433 |
) |
|
|
(14,740 |
) |
|
Acquired above-market leases, net |
|
|
44,703 |
|
|
|
49,424 |
|
|
Acquired in-place leases |
|
|
349,645 |
|
|
|
277,659 |
|
|
Less accumulated amortization |
|
|
(62,454 |
) |
|
|
(40,825 |
) |
|
Acquired in-place leases, net |
|
|
287,191 |
|
|
|
236,834 |
|
|
Total intangible lease assets, net |
|
$ |
331,894 |
|
|
$ |
286,258 |
|
|
Acquired below-market leases |
|
$ |
113,862 |
|
|
$ |
101,602 |
|
|
Less accumulated amortization |
|
|
(21,640 |
) |
|
|
(15,655 |
) |
|
Intangible lease liabilities, net |
|
$ |
92,222 |
|
|
$ |
85,947 |
|
|
Leasing fees |
|
$ |
17,013 |
|
|
$ |
17,274 |
|
|
Less accumulated amortization |
|
|
(4,166 |
) |
|
|
(3,576 |
) |
|
Leasing fees, net |
|
$ |
12,847 |
|
|
$ |
13,698 |
|
Amortization for intangible lease assets and liabilities is as follows:
|
(in thousands) |
|
|
|
For the years ended December 31, |
|
|
Intangible |
|
Financial Statement Presentation |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Acquired in-place leases and
leasing fees |
|
Depreciation and amortization |
|
$ |
25,021 |
|
|
$ |
17,939 |
|
|
$ |
11,903 |
|
|
Above-market and below-market
leases |
|
Increase (decrease) to lease
revenues |
|
|
3,419 |
|
|
|
304 |
|
|
|
(496 |
) |
Estimated future amortization of intangible assets and liabilities at December 31, 2019 is as follows:
|
(in thousands) |
|
|
|
|
|
2020 |
|
$ |
23,876 |
|
|
2021 |
|
|
23,534 |
|
|
2022 |
|
|
22,985 |
|
|
2023 |
|
|
22,648 |
|
|
2024 |
|
|
21,876 |
|
|
Thereafter |
|
|
137,600 |
|
|
|
|
$ |
252,519 |
|
|