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Intangible Assets and Liabilities | 12 Months Ended
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Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | Intangible Assets and Liabilities The following table summarizes the Company’s identified intangible assets and intangible liabilities as of December 31, 2017 and 2016.
| As of December 31,
| 2017 |  | 2016
Intangible assets: |  |  |
Acquired in-place leases | $ | 226,515 |  |  | $ | 181,145 |
Acquired above market leases | 29,670 |  |  | 27,072 |
Intangible assets | 256,185 |  |  | 208,217 |
Accumulated amortization: |  |  |
Accumulated amortization, acquired in-place leases | (123,043 | ) |  | (118,526 | )
Accumulated amortization, above market leases | (17,731 | ) |  | (17,433 | )
Accumulated amortization | (140,774 | ) |  | (135,959 | )
Intangible assets, net | 115,411 |  |  | 72,258 |
Deferred leasing costs: |  |  |
Leasing costs | 17,355 |  |  | 16,325 |
Accumulated amortization, leasing costs | (8,642 | ) |  | (8,120 | )
Deferred leasing costs, net | 8,713 |  |  | 8,205 |
Deferred leasing costs and other related intangibles, net | $ | 124,124 |  |  | $ | 80,463 |
Intangible liabilities: |  |  |
Acquired below market leases | $ | 80,862 |  |  | $ | 65,740 |
Accumulated amortization, acquired below market leases | (27,330 | ) |  | (21,801 | )
Intangible liabilities, net | $ | 53,532 |  |  | $ | 43,939 |
The values of above-market leases are recorded as intangible assets, net, in the consolidated balance sheets, and are amortized as a decrease to rental income over the remaining term of the associated tenant lease. The values, if any, associated with in-place leases are recorded in intangible assets, net in the consolidated balance sheets and are amortized to depreciation and amortization expense in the consolidated statements of operations and comprehensive income (loss) over the remaining lease term. The values of below-market leases are recorded as intangible liabilities, net, in the consolidated balance sheets and are amortized as an increase to rental income over the remaining term of the associated tenant lease. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options. For the amortization period, the remaining term of leases with renewal options at terms below market reflect the assumed exercise of such below-market renewal options, if reasonably assured. The following table provides a summary of the amortization related to acquired in-place lease intangibles and acquired above and below market lease costs for the years ended December 31, 2017, 2016 and 2015.
| Year ended December 31,
| 2017 |  | 2016 |  | 2015
Amortization of: |  |  |  |  |
In-place lease intangibles | $ | 22,580 |  |  | $ | 18,298 |  |  | $ | 16,546 |
Above market lease costs (a) | 3,053 |  |  | 2,581 |  |  | 2,779 |
Amortization of intangible assets | 25,633 |  |  | 20,879 |  |  | 19,325 |
Deferred leasing costs | 1,806 |  |  | 1,703 |  |  | 1,789 |
Amortization of deferred leasing costs and intangible assets | $ | 27,439 |  |  | $ | 22,582 |  |  | $ | 21,114 |
Below market lease costs (b) | $ | 8,563 |  |  | $ | 6,676 |  |  | $ | 4,185 |
Amortization of intangible liabilities | $ | 8,563 |  |  | $ | 6,676 |  |  | $ | 4,185 |
(a) | Amounts are recorded as a reduction to rental income.
(b) | Amounts are recorded as an increase to rental income.
The following table provides a summary of the amortization during the next five years and thereafter related to deferred costs and intangible assets and liabilities as of December 31, 2017.
Year ended December 31, |  | In-place lease intangible assets |  | Above market lease intangible assets |  | Deferred leasing cost assets |  | Below market lease intangible liabilities
2018 |  | $ | 20,419 |  |  | $ | 2,822 |  |  | $ | 2,266 |  |  | $ | 7,956 |
2019 |  | 17,496 |  |  | 2,077 |  |  | 1,504 |  |  | 7,193 |
2020 |  | 14,244 |  |  | 1,683 |  |  | 1,327 |  |  | 6,328 |
2021 |  | 11,032 |  |  | 1,263 |  |  | 1,090 |  |  | 5,359 |
2022 |  | 8,294 |  |  | 833 |  |  | 797 |  |  | 5,666 |
Thereafter |  | 31,987 |  |  | 3,261 |  |  | 1,729 |  |  | 21,030 |
Total |  | $ | 103,472 |  |  | $ | 11,939 |  |  | $ | 8,713 |  |  | $ | 53,532 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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