Favorable and Unfavorable Acquired Lease Contracts, net

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,
(millions)	2015			2014			2015			2014
Acquired fair value of lease contracts	$	74.0		$	77.0		$	(88.2	)	$	(90.1	)
Accumulated (amortization) accretion	(35.9		)	(28.7		)	37.9			28.7
Total acquired fair value of lease contracts, net	$	38.1		$	48.3		$	(50.3	)	$	(61.4	)

Amortization for lease contracts, net of favorable lease contracts, was $0.9 million for the year ended December 31, 2015 and is recognized as an increase to Cost of parking services - Lease contract. Amortization, net of unfavorable lease contracts, was $1.0 million and $4.3 million for the years ended December 31, 2014 and 2013, 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, 2015, the weighted average remaining life for favorable and unfavorable acquired lease contracts was 11.1 years and 10.1 years, respectively. For the year ended December 31, 2014, the weighted average remaining life for favorable and unfavorable acquired lease contracts was 10.8 years and 9.8 years, respectively. For the years ended December 31, 2013, the weighted average remaining life for favorable and unfavorable acquired lease contracts was 10.1 years and 8.9 years, respectively.

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



(millions)	Favorable		(Unfavorable)			Favorable / (Unfavorable), Net
2016	$	8.2	$	(10.1	)	$	(1.9	)
2017	6.4		(9.0		)	(2.6		)
2018	4.0		(7.3		)	(3.3		)
2019	3.6		(4.8		)	(1.2		)
2020	3.1		(3.7		)	(0.6		)
2021 and Thereafter	12.8		(15.4		)	(2.6		)
Total	$	38.1	$	(50.3	)	$	(12.2	)