BREIT 2017 Annual Report

F-14 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2017 ($ in thousands): TA Multifamily Portfolio HS Industrial Portfolio Aston Multifamily Portfolio Emory Point Nevada West All Other Total Building and building improvements $ 337,889 $ 345,391 $ 306,602 $ 171,709 $ 145,305 $1,501,061 $2,807,957 Land and land improvements 68,456 45,081 47,645 — 17,409 394,410 573,001 Furniture, fixtures and equipment 4,651 — 4,926 3,040 2,833 46,766 62,216 In-place lease intangibles 21,880 20,793 22,272 11,207 5,418 79,740 161,310 Below-market ground lease intangibles — — — — — 4,623 4,623 Above-market lease intangibles 24 2,726 — 84 — 3,836 6,670 Below-market lease intangibles (307) (8,061) — (576) — (6,245) (15,189) Prepaid ground lease rent — — — 16,114 — — 16,114 Other intangibles — — — — — 676 676 Total purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $2,024,867 $3,617,378 Assumed mortgage notes (1) — — — — — 200,967 200,967 Net purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $1,823,900 $3,416,411 (1) Includes assumed mortgage notes with an outstanding principal balance of $199.4 million and premium on mortgage notes of $1.6 million as of December 31, 2017. Refer to Note 6 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired in-place lease intangibles, below-market ground lease intangibles, above- market lease intangibles, below-market lease intangibles, prepaid ground lease rent and other intangibles of the properties acquired during the year ended December 31, 2017 were 3, 53, 6, 6, 71 and 4 years, respectively. 4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2017 Intangible assets: In-place lease intangibles $ 131,833 Below-market ground lease intangibles 4,623 Above-market lease intangibles 6,670 Prepaid ground lease rent 16,114 Other 676 Total intangible assets 159,916 Accumulated amortization: In-place lease amortization (45,160) Below-market ground lease amortization (85) Above-market lease amortization (600) Prepaid ground lease rent amortization (151) Other (76) Total accumulated amortization (46,072) Intangible assets, net $ 113,844 Intangible liabilities: Below-market lease intangibles $ 14,920 Accumulated amortization (1,764) Intangible liabilities, net $ 13,156