| Intangible Assets and Liabilities |
8. Intangible Assets and Liabilities
The following is a summary of intangible assets and liabilities and related accumulated amortization:
|
(in thousands) |
|
June 30,
2020 |
|
|
December 31,
2019 |
|
|
Lease intangibles: |
|
|
|
|
|
|
|
|
|
Acquired above-market leases |
|
$ |
55,242 |
|
|
$ |
62,136 |
|
|
Less accumulated amortization |
|
|
(17,981 |
) |
|
|
(17,433 |
) |
|
Acquired above-market leases, net |
|
|
37,261 |
|
|
|
44,703 |
|
|
Acquired in-place leases |
|
|
334,590 |
|
|
|
349,645 |
|
|
Less accumulated amortization |
|
|
(73,110 |
) |
|
|
(62,454 |
) |
|
Acquired in-place leases, net |
|
|
261,480 |
|
|
|
287,191 |
|
|
Total intangible lease assets, net |
|
$ |
298,741 |
|
|
$ |
331,894 |
|
|
Acquired below-market leases |
|
$ |
107,645 |
|
|
$ |
113,862 |
|
|
Less accumulated amortization |
|
|
(24,488 |
) |
|
|
(21,640 |
) |
|
Intangible lease liabilities, net |
|
$ |
83,157 |
|
|
$ |
92,222 |
|
|
Leasing fees |
|
$ |
15,796 |
|
|
$ |
17,013 |
|
|
Less accumulated amortization |
|
|
(4,428 |
) |
|
|
(4,166 |
) |
|
Leasing fees, net |
|
$ |
11,368 |
|
|
$ |
12,847 |
|
Amortization of intangible lease assets and liabilities was as follows:
|
(in thousands) |
|
|
|
For the three months ended
June 30, |
|
|
For the six months ended
June 30, |
|
|
Intangible |
|
Financial Statement Presentation |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Acquired in-place leases and leasing fees |
|
Depreciation and amortization |
|
$ |
16,339 |
|
|
$ |
5,755 |
|
|
$ |
24,034 |
|
|
$ |
11,312 |
|
|
Above-market and below-market leases |
|
Lease revenues, net |
|
|
(1,016 |
) |
|
|
720 |
|
|
|
124 |
|
|
|
1,460 |
|
Estimated future amortization of intangible assets and liabilities at June 30, 2020 is as follows:
|
(in thousands) |
|
|
|
|
|
Remainder of 2020 |
|
$ |
11,480 |
|
|
2021 |
|
|
22,648 |
|
|
2022 |
|
|
22,100 |
|
|
2023 |
|
|
21,773 |
|
|
2024 |
|
|
21,007 |
|
|
Thereafter |
|
|
127,944 |
|
|
|
|
$ |
226,952 |
|
|