8. Favorable and Unfavorable Acquired Lease Contracts

Favorable and unfavorable lease contracts represent the acquired fair value of lease contracts in connection with the Central Merger. Favorable and unfavorable acquired lease contracts are being amortized over the contract term, including anticipated renewals and terminations.

The following presents a summary of favorable and unfavorable lease contracts:

	Favorable						(Unfavorable)
	December 31,						December 31,
	2014			2013			2014			2013
Acquired fair value of lease contracts	$	76,955		$	77,621		$	(90,113	)	$	(92,093	)
Accumulated (amortization) accretion		(28,687	)		(17,587	)		28,763			17,963

Total acquired fair value of lease contracts, net	$	48,268		$	60,034		$	(61,350	)	$	(74,130	)

Amortization for lease contracts, net of unfavorable lease contracts was $1,016, $4,298 and $609 for the years ended December 31, 2014, 2013 and 2012, respectively, and is recognized as a reduction to Cost of parking services-Lease contract within the consolidated statements of income. For the year ended December 31, 2014, the weighted average useful life for favorable and unfavorable acquired lease contracts was 10.8 years and 9.8 years, respectively. For the year ended December 31, 2013, the weighted average useful life for favorable and unfavorable acquired lease contracts was 10.1 years and 8.9 years, respectively. For the years ended December 31, 2012, the weighted average useful life for favorable and unfavorable acquired lease contracts was 10.0 years and 7.0 years, respectively.

The expected future amortization (accretion) of lease contract rights is as follows:

	Favorable		(Unfavorable)			Favorable (Unfavorable) Net
2015	$	9,649	$	(10,893	)	$	(1,244	)
2016		8,560		(10,156	)		(1,596	)
2017		6,506		(9,004	)		(2,498	)
2018		4,059		(7,322	)		(3,263	)
2019		3,633		(4,808	)		(1,175	)
2020 and Thereafter		15,861		(19,167	)		(3,306	)

Total	$	48,268	$	(61,350	)	$	(13,082	)