Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Company’s goodwill activity by segment from the date of the CapLease acquisition (in thousands):



	REI Segment			Cole Capital Segment			Consolidated
Balance as of January 1, 2013	$	—		$	—		$	—
Acquisition of Caplease	92,789			—			92,789
Balance as of December 31, 2013	92,789			—			92,789
Cole Merger	1,654,085			558,835			2,212,920
Measurement period adjustments	(27,339		)	49,627			22,288
Goodwill allocated to dispositions ⁽¹⁾	(210,139		)	—			(210,139		)
Impairment	—			(223,064		)	(223,064		)
Balance as of December 31, 2014	$	1,509,396		$	385,398		$	1,894,794
Goodwill allocated to dispositions and held for sale assets ⁽¹⁾	(66,789		)	—			(66,789		)
Balance as of September 30, 2015	$	1,442,607		$	385,398		$	1,828,005

_______________________________________________

(1) Included in loss on disposition of real estate and held for sale assets, net, in the consolidated statements of operations.

Schedule of Intangible Assets

Intangible lease assets and liabilities of the Company consist of the following as of September 30, 2015 and December 31, 2014 (amounts in thousands, except weighted-average useful life):



	Weighted-Average Useful Life	September 30, 2015		December 31, 2014
Intangible lease assets:
In-place leases, net of accumulated amortization of $361,315 and $236,096, respectively	14.1	$	1,575,024	$	1,816,508
Leasing commissions, net of accumulated amortization of $853 and $505, respectively	7.8	3,779		4,205
Above-market leases, net of accumulated amortization of $41,449 and $22,471, respectively	16.5	330,949		355,269
Total intangible lease assets, net		$	1,909,752	$	2,175,982

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $33,493 and $19,123, respectively	17.4	$	264,232	$	317,838

Schedule of Projected Amortization Expense and Adjustments

The following table provides the projected amortization expense and adjustments to rental income related to the intangible lease assets and liabilities for the remainder of 2015 and the next four calendar years as of September 30, 2015 (amounts in thousands):



	October 1, 2015 - December 31, 2015		2016		2017		2018		2019
In-place leases:
Total to be included in amortization expense	$	46,008	$	179,088	$	163,617	$	149,574	$	137,702
Leasing Commissions
Total to be included in amortization expense	$	141	$	547	$	519	$	409	$	382
Above-market lease assets:
Total to be deducted from rental income	$	6,716	$	26,797	$	26,450	$	25,887	$	23,925
Below-market lease liabilities:
Total to be included in rental income	$	5,368	$	21,364	$	21,222	$	20,895	$	20,153