INTANGIBLES (Tables)-K

12 Months Ended

Dec. 31, 2014

INTANGIBLES

Summary of intangible assets and liabilities

	Gross		Accumulated		Net
	Asset		(Amortization)		Carrying
	(Liability)		/ Accretion		Amount
			(In thousands)
As of December 31, 2014
Tenant leases:
In-place value	$	39,634	$	(6,919)	$	32,715
Above-market		5,342		(686)		4,656
Below-market		(6,184)		296		(5,888)
Ground leases:
Above-market		(3,545)		1,273		(2,272)
Below-market		23,096		(3,433)		19,663
As of December 31, 2013
Tenant leases:
In-place value	$	14,633	$	(5,327)	$	9,306
Above-market		1,596		(501)		1,095
Below-market		(482)		150		(332)
Ground leases:
Above-market		(3,546)		1,115		(2,431)
Below-market		23,096		(3,094)		20,002