Acquired In-Place Leases

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired above market leases are included in prepaid expenses and other assets and had a balance of $39.4 million and $32.7 million and accumulated amortization of $22.9 million and $19.3 million at December 31, 2015 and 2014, respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $133.4 million and $109.8 million and accumulated amortization of $40.7 million and $37.0 million at December 31, 2015 and 2014, respectively. The value allocated to in-place leases is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. Rental income included amortization from acquired above market leases of $4.4 million, $3.4 million and $2.8 million in 2015, 2014 and 2013, respectively and amortization from acquired below market leases of $7.1 million, $5.8 million and $5.9 million in 2015, 2014 and 2013, respectively. The remaining weighted-average amortization period as of December 31, 2015, is 4.4 years and 20.5 years for above market leases and below market leases, respectively.

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:



	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2016	$	4,629	$	8,080
2017	3,189		7,036
2018	2,369		5,849
2019	1,236		5,469
2020	983		4,602
Thereafter	4,131		61,678
	$	16,537	$	92,714