Intangible Assets, Liabilities, and Deferred Leasing Costs

The following table summarizes the Company’s identified intangible assets, liabilities, and deferred leasing costs as of December 31, 2018 and 2017.



	As of December 31,
	2018			2017
Intangible assets:
Acquired in-place leases	$	156,004		$	226,515
Acquired above-market leases	22,353			29,670
Intangible assets	178,357			256,185
Accumulated amortization:
Accumulated amortization, acquired in-place leases	(58,203		)	(123,043		)
Accumulated amortization, above-market leases	(12,149		)	(17,731		)
Accumulated amortization	(70,352		)	(140,774		)
Intangible assets, net	$	108,005		$	115,411

Intangible liabilities:
Acquired below-market leases	$	74,312		$	80,862
Accumulated amortization, acquired below-market leases	(27,327		)	(27,330		)
Intangible liabilities, net	$	46,985		$	53,532

Deferred leasing costs:
Leasing costs	$	18,236		$	17,355
Accumulated amortization	(8,018		)	(8,642		)
Deferred leasing costs, net	$	10,218		$	8,713

The values of above-market leases are recorded as intangible assets, net, on 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 on the consolidated balance sheets, and are amortized to depreciation and amortization expense on the consolidated statements of operations and comprehensive income over the remaining term of the associated tenant lease.

The values of below-market leases are recorded as intangible liabilities, net, on 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 below-market renewal options, if reasonably assured. For the amortization period, the remaining term of leases will include renewal options that are at terms below-market if it is reasonably assured the options will be exercised.

The values of deferred leasing costs are recorded as deferred costs and other assets, net on the consolidated balance sheets and are amortized to depreciation and amortization expense on the consolidated statements of operations and comprehensive income over the remaining term of the associated tenant lease.

The following table provides a summary of the amortization related to intangible assets, liabilities, and deferred leasing costs for the years ended December 31, 2018, 2017 and 2016:



	Year ended December 31,
	2018		2017		2016
Intangible assets:
In-place lease intangibles (a)	$	22,523	$	22,580	$	18,298
Above-market leases (b)	3,036		3,053		2,581
Amortization of intangible assets	$	25,559	$	25,633	$	20,879
Intangible liabilities:
Amortization of below-market leases (c)	$	8,570	$	8,563	$	6,676
Deferred leasing costs:
Amortization of deferred leasing costs (a)	$	2,036	$	1,806	$	1,703


(a)	Amounts are recorded as depreciation and amortization.


(b)	Amounts are recorded as a reduction to rental income.


(c)	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, 2018:



Year ending December 31,	In-place leases		Above market leases		Deferred leasing costs		Below market leases
2019	$	19,243	$	2,220	$	2,475	$	7,349
2020	16,114		1,870		1,724		6,596
2021	12,794		1,512		1,581		5,578
2022	9,742		982		1,369		4,478
2023	8,000		777		966		3,438
Thereafter	31,908		2,843		2,103		19,546
Total	$	97,801	$	10,204	$	10,218	$	46,985