Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2015

Acquired Lease Intangibles

The Company had the following acquired lease intangibles:



	December 31,
(in thousands)	2015			2014
In-place leases	$	77,691		71,696
Above-market leases	14,841			15,020
Below-market ground leases	58,487			1,761
Total intangible assets	$	151,019		88,477
Accumulated amortization	(45,639		)	(36,112	)
Acquired lease intangible assets, net	$	105,380		52,365

Acquired lease intangible liabilities	$	59,589		46,136
Accumulated accretion	(17,555		)	(13,993	)
Acquired lease intangible liabilities, net	$	42,034		32,143

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:



	Year ended December 31,
(in thousands)	2015		2014	2013	Remaining Weighted Average Amortization/Accretion Period (in years)
In-place lease amortization	$	9,141	10,365	7,441	6.2
Above-market lease amortization ⁽¹⁾	1,950		1,795	1,246	6.6
Below-market ground lease amortization ⁽³⁾	351		23	22	58.2
Acquired lease intangible asset amortization	$	11,442	12,183	8,709

Acquired lease intangible liability accretion ⁽²⁾⁽³⁾	$	4,155	4,590	3,726	13.2

⁽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)
In Process Year Ending December 31,	Amortization Expense		Net Accretion
2016	$	10,293	4,181
2017	8,309		3,889
2018	6,899		3,395
2019	5,947		3,202
2020	5,055		3,033