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Lease Intangibles
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Lease Intangibles

5. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of December 31, 2014 and 2013 were comprised as follows (in thousands):

 

December 31, 2014

   Above
Market
Leases
    In Place
Leases
    Leasing
Commissions
    Total     Below
Market
Leases
    Below
Market
Ground
Lease
    Total  

Cost

   $ 4,762        28,505        12,926        46,193        (746     (138     (884

Accumulated amortization

     (1,985     (11,159     (3,658     (16,802     258        20        278   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 2,777      17,346      9,268      29,391      (488   (118   (606
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2013

   Above
Market
Leases
    In Place
Leases
    Leasing
Commissions
    Total     Below
Market
Leases
    Below
Market
Ground
Lease
    Total  

Cost

   $ 3,043      $ 14,885      $ 5,447      $ 23,375      $ (169   $ (138   $ (307

Accumulated Amortization

     (1,306     (6,536     (1,781     (9,623     124        16        140   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 1,737    $ 8,349    $ 3,666    $ 13,752    $ (45 $ (122 $ (167
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The Company has adjusted acquired lease intangibles and accounts payable and accrued liabilities as of December 31, 2013 in the amount of $649,192 to conform with the current period presentation as of December 31, 2014. There was no impact to net income resulting from this adjustment.

The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands):

 

2015

$ 7,097   

2016

  6,589   

2017

  4,046   

2018

  2,862   

2019

  2,654   

Thereafter

  5,537   
  

 

 

 
$ 28,785