Schedule of Lease Intangibles and Value of Assumed Lease Obligations |
Lease intangibles and the value of assumed lease obligations as of
June 30, 2015 and December 31, 2014 were comprised as
follows (in thousands):
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June 30, 2015
|
|
Above
Market
Leases |
|
|
In Place
Leases |
|
|
Leasing
Commissions |
|
|
Total |
|
|
Below
Market
Leases |
|
|
Below
Market
Ground
Lease |
|
|
Total |
|
Cost
|
|
$ |
4,868 |
|
|
|
35,418 |
|
|
|
14,025 |
|
|
|
54,311 |
|
|
|
(1,456 |
) |
|
|
(138 |
) |
|
|
(1,594 |
) |
Accumulated amortization
|
|
|
(2,388 |
) |
|
|
(13,630 |
) |
|
|
(4,710 |
) |
|
|
(20,728 |
) |
|
|
379 |
|
|
|
22 |
|
|
|
401 |
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,480 |
|
|
|
21,788 |
|
|
|
9,315 |
|
|
|
33,583 |
|
|
|
(1,077 |
) |
|
|
(116 |
) |
|
|
(1,193 |
) |
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|
|
|
|
|
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 |
) |
|
|
|
|
|
|
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|
|
|
|
|
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|
Estimated Aggregate Amortization Expense for Lease Intangibles |
The estimated aggregate amortization expense for lease intangibles
for the five succeeding years and in the aggregate are as follows
(in thousands):
|
|
|
|
|
2015
|
|
$ |
4,678 |
|
2016
|
|
|
8,855 |
|
2017
|
|
|
6,217 |
|
2018
|
|
|
3,742 |
|
2019
|
|
|
3,377 |
|
Thereafter
|
|
|
5,521 |
|
|
|
|
|
|
|
|
$ |
32,390 |
|
|
|
|
|
|
|