Acquired in-Place Leases and Above/Below Market Leases

9 Months Ended

Sep. 30, 2012

Acquired in Place Leases and Above Below Market Leases [Abstract]

Acquired In-Place Leases and Above/Below Market Leases

NOTE 3. ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of September 30, 2012 and December 31, 2011 (in thousands):

	September 30, 2012			December 31, 2011
In-place leases	$	72,853		$	59,812
Accumulated amortization		(36,806	)		(30,924	)
Above market leases		32,910			42,428
Accumulated amortization		(20,114	)		(25,657	)
Acquired lease intangible assets, net	$	48,843		$	45,659
Below market leases	$	80,263		$	70,332
Accumulated accretion		(25,470	)		(21,715	)
Acquired lease intangible liabilities, net	$	54,793		$	48,617

We recorded in-place leases of $11.7 million, above market leases of $0.1 million, and below market leases of $8.7 million related to our acquisition of City Center Bellevue during the third quarter of 2012. The identified intangible assets and liabilities for City Center Bellevue are being amortized over a weighted average life of 5.8 years.