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Lease Intangibles | 6 Months Ended
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Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Lease Intangibles | Lease Intangibles Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below- market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in other assets and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):
| June 30, 2018 |  | December 31, 2017
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets | $ | 199,727 |  |  | $ | (90,414 | ) |  | $ | 109,313 |  |  | $ | 193,821 |  |  | $ | (72,749 | ) |  | $ | 121,072 |
Above-market rent | 17,365 |  |  | (11,696 | ) |  | 5,669 |  |  | 16,786 |  |  | (10,287 | ) |  | 6,499 |
| $ | 217,092 |  |  | $ | (102,110 | ) |  | $ | 114,982 |  |  | $ | 210,607 |  |  | $ | (83,036 | ) |  | $ | 127,571 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |
Below-market rent | $ | (150,283 | ) |  | $ | 50,853 |  |  | $ | (99,430 | ) |  | $ | (147,232 | ) |  | $ | 43,391 |  |  | $ | (103,841 | )
Above-market ground lease | (671 | ) |  | 63 |  |  | (608 | ) |  | (671 | ) |  | 34 |  |  | (637 | )
| $ | (150,954 | ) |  | $ | 50,916 |  |  | $ | (100,038 | ) |  | $ | (147,903 | ) |  | $ | 43,425 |  |  | $ | (104,478 | )
During the six months ended June 30, 2018, the Company acquired in-place lease intangible assets of $5.9 million, above-market rents of $0.6 million, and below-market rents of $3.1 million with weighted-average useful lives of 4.6, 1.1, and 27.3 years, respectively. During the year ended December 31, 2017, the Company acquired in-place lease intangible assets of $41.6 million, above-market rents of $2.7 million, below-market rents of $10.9 million, and an above-market ground lease of $0.7 million with weighted-average useful lives of 4.1, 4.8, 12.1, and 11.5 years, respectively. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2018 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Lease Revenues |  | Increase to Amortization |  | Reduction of Rent Expense |  | Net Income (Expense)
2018 (Remainder) |  | $ | 3,114 |  |  | $ | (8,035 | ) |  | $ | 29 |  |  | $ | (4,892 | )
2019 |  | 9,633 |  |  | (23,201 | ) |  | 58 |  |  | (13,510 | )
2020 |  | 8,853 |  |  | (17,244 | ) |  | 58 |  |  | (8,333 | )
2021 |  | 7,670 |  |  | (12,653 | ) |  | 58 |  |  | (4,925 | )
2022 |  | 7,373 |  |  | (8,863 | ) |  | 58 |  |  | (1,432 | )
Thereafter |  | 57,118 |  |  | (39,317 | ) |  | 347 |  |  | 18,148 |
Total |  | $ | 93,761 |  |  | $ | (109,313 | ) |  | $ | 608 |  |  | $ | (14,944 | )

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