Intangible Lease Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible lease assets consisted of the following (in thousands, except weighted average life amounts):



		As of December 31,
		2013		2012
In-place leases, net of accumulated amortization of $12,523 and
	$871, respectively (with a weighted average life remaining of 13.4 years and
	15.7 years, respectively)	$	218,407	$	54,087
Acquired above market leases, net of accumulated amortization of $1,975 and
	$36, respectively (with a weighted average life remaining of 11.4 years and
	17.1 years, respectively)	28,194		3,201
		$	246,601	$	57,288

Amortization expense related to the in place lease assets for the years ended December 31, 2013 and 2012, was $11.7 million and $871,000, respectively. Amortization expense related to the acquired above market lease assets for the years ended December 31, 2013 and 2012, was $1.9 million and $36,000, respectively and was recorded as a reduction to rental and other property income in the consolidated statements of operations.

Estimated amortization expense related to the intangible lease assets as of December 31, 2013 for each of the five succeeding fiscal years is as follows (in thousands):



	Amortization
Year Ending December 31,	In-Place Leases		Above Market Leases
2014	$	21,795	$	3,567
2015	$	20,601	$	3,411
2016	$	19,348	$	3,249
2017	$	18,763	$	3,139
2018	$	17,457	$	2,485