Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

Acquired Lease Intangibles

The Company had the following acquired lease intangibles, net of accumulated amortization and accretion (in thousands):

	December 31,
	2014		2013
In-place leases, net	$	40,145	33,049
Above-market leases, net	10,549		10,074
Above-market ground leases, net	1,671		1,682
Acquired lease intangible assets, net	$	52,365	44,805
Acquired lease intangible liabilities, net	$	32,143	26,729

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles (dollar amounts in thousands):

	Year ended December 31,
	2014		2013	2012	Remaining Weighted Average Amortization/Accretion Period
					(in years)
In-place lease amortization	$	10,365	7,441	4,307	5.9
Above-market lease amortization (1)	1,795		1,246	739	7.4
Above-market ground lease amortization (3)	23		22	23	82.2
Acquired lease intangible asset amortization	$	12,183	8,709	5,069
Acquired lease intangible liability accretion (2)(3)	$	4,590	3,726	1,950	12.5

⁽¹⁾ Amounts are recorded as a reduction to minimum rent.

⁽²⁾ Amounts are recorded as an increase to minimum rent.

⁽³⁾ Above and below market ground lease amortization and accretion are recorded as an offset to other operating expenses.

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows (in thousands):

Year Ending December 31,	Amortization Expense		Net Accretion
2015	$	10,603	3,888
2016	8,569		3,393
2017	6,589		3,088
2018	5,354		2,609
2019	4,374		2,417