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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS As of December 31, 2020 and 2019, the Company’s intangible assets were comprised of the following (in thousands):
| December 31, 2020
| Total Cost |  | Accumulated Amortization |  | Intangible Assets, net
Intangible assets, net: |  |  |  |  |
In-place lease value | $ | 91,552 |  |  | $ | (43,400) |  |  | $ | 48,152 |
Tenant relationship value | 2,091 |  |  | (1,938) |  |  | 153 |
Above market leases acquired | 530 |  |  | (265) |  |  | 265 |
Total intangible assets, net | $ | 94,173 |  |  | $ | (45,603) |  |  | $ | 48,570 |
| Total Cost |  | Accumulated Amortization |  | Intangible Liabilities, net
Intangible liabilities, net: |  |  |  |  |
Below market leases acquired | $ | 31,263 |  |  | $ | (12,815) |  |  | $ | 18,448 |
| December 31, 2019
| Total Cost |  | Accumulated Amortization |  | Intangible Assets, net
Intangible assets, net: |  |  |  |  |
In-place lease value | $ | 167,357 |  |  | $ | (84,123) |  |  | $ | 83,234 |
Tenant relationship value | 5,268 |  |  | (4,815) |  |  | 453 |
Above market leases acquired | 4,956 |  |  | (3,792) |  |  | 1,164 |
Total intangible assets, net | $ | 177,581 |  |  | $ | (92,730) |  |  | $ | 84,851 |
| Total Cost |  | Accumulated Amortization |  | Intangible Liabilities, net
Intangible liabilities, net: |  |  |  |  |
Below market leases acquired | $ | 44,757 |  |  | $ | (22,494) |  |  | $ | 22,263 |
For the years ended December 31, 2020, 2019, and 2018, the Company accelerated the amortization of intangible assets by approximately $0.3 million, $4.5 million, and $0.6 million, respectively, as a result of tenant move-outs prior to the end of the associated lease term. For the years ended December 31, 2020 and 2019 the Company accelerated the amortization of approximately $0.1 million and $2.2 million of intangible liabilities as a result of tenant move-outs. For the year ended December 31, 2018 the Company accelerated the amortization of a nominal amount of intangible liabilities as a result of tenant move-outs. As of December 31, 2020, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, are as follows (dollars in thousands):
| Assets |  | Liabilities
2021 | $ | 16,190 |  |  | $ | 4,902 |
2022 | 10,354 |  |  | 2,723 |
2023 | 7,564 |  |  | 1,651 |
2024 | 5,214 |  |  | 1,425 |
2025 | 4,027 |  |  | 1,148 |
Thereafter | 5,221 |  |  | 6,599 |
Total | $ | 48,570 |  |  | $ | 18,448 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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