Intangible Assets

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

ASSETS

At December 31, 2014 and 2013, intangible assets included the following (in thousands):



	2014		2013
In-place leases, net of accumulated amortization of $62,302 and $26,239 in 2014 and 2013, respectively	$	147,360	$	152,830
Above-market tenant leases, net of accumulated amortization of $13,748 and $11,284 in 2014 and 2013, respectively	12,017		12,332
Below-market ground lease, net of accumulated amortization of $21 in 2013	—		1,680
Goodwill	3,867		4,131
	$	163,244	$	170,973

Intangible assets, other than goodwill, mainly relate to the acquisitions in 2014, 2013, and 2012 (see note 3). Aggregate net amortization expense related to intangible assets and liabilities was $32.7 million, $16.9 million, and $3.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands):



	Below Market Rents			Above Market Ground Lease			Above Market Rents		In Place Leases		Total
2015	$	(10,477	)	$	(55	)	$	2,784	$	32,993	$	25,245
2016	(9,803		)	(55		)	2,397		27,305		19,844
2017	(8,884		)	(55		)	1,717		20,430		13,208
2018	(8,092		)	(55		)	1,489		16,882		10,224
2019	(6,050		)	(55		)	997		11,760		6,652
Thereafter	(24,160		)	(2,279		)	2,633		37,990		14,184
	$	(67,466	)	$	(2,554	)	$	12,017	$	147,360	$	89,357
Weighted average remaining lease term	9 years			49 years			7 years		7 years

Goodwill relates entirely to the office reporting unit. As office assets are sold, either by the Company or by joint ventures in which the Company has an interest, goodwill is allocated to the cost of each sale. The following is a summary of goodwill activity for the years ended December 31, 2014 and 2013 (in thousands):



	2014			2013
Beginning Balance	$	4,131		$	4,751
Allocated to property sales	(264		)	(620		)
Ending Balance	$	3,867		$	4,131