Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Net Accumulated Amortization and Accretion

The Company had the following acquired lease intangibles:

	December 31,
(in thousands)	2016			2015
In-place leases	$	96,178		77,691
Above-market leases	14,684			14,841
Below-market ground leases	64,664			58,487
Total intangible assets	$	175,526		151,019
Accumulated amortization	(56,695		)	(45,639	)
Acquired lease intangible assets, net	$	118,831		105,380
Below-market leases	$	71,996		53,868
Above-market ground leases	5,722			5,722
Accumulated amortization	(23,538		)	(17,555	)
Acquired lease intangible liabilities, net	$	54,180		42,034

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

	Year ended December 31,
(in thousands)	2016		2015	2014
In-place lease amortization	$	11,533	9,141	10,365
Above-market lease amortization (1)	1,742		1,950	1,795
Below-market ground lease amortization (3)	1,111		351	23
Acquired lease intangible asset amortization	$	14,386	11,442	12,183
Below-market lease amortization (2)	$	6,827	3,940	4,437
Above-market ground lease amortization (3)	$	167	215	153
Acquired lease intangible liability amortization	$	6,994	4,155	4,590

⁽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 are recorded as offsets to other operating expenses.

Schedule of Future Amortization Expense and Minimum Rent

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
2017	$	12,073	6,834
2018	10,300		6,339
2019	8,945		5,919
2020	7,023		4,829
2021	6,081		4,509