Intangibles Assets and Liabilities

12 Months Ended

Dec. 31, 2013

Identified Intangibles, Net [Abstract]

Intangibles Assets and Liabilities

Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of December 31, 2013 and 2012 (in thousands, except weighted average remaining amortization period):

	December 31, 2013				December 31, 2012
	Balance			Weighted Average Remaining Amortization Period in Years	Balance			Weighted Average Remaining Amortization Period in Years	Balance Sheet Classification
Assets:
In place leases	$	212,142		8.8	$	174,615		9.7	Lease intangibles
Tenant relationships	197,214			10.5	178,269			11.6	Lease intangibles
Above market leases	26,799			6.3	25,387			6.9	Other intangibles, net
Below market leasehold interests	37,640			68.9	30,587			69.4	Other intangibles, net
	473,795				408,858
Accumulated amortization	(150,207		)		(125,924		)
Total	$	323,588		15.9	$	282,934		15.9
Liabilities:
Below market leases	$	13,989		12.4	$	12,823		13.7	Intangible liabilities, net
Above market leasehold interests	3,827			33.1	3,827			34.0	Intangible liabilities, net
	17,816				16,650
Accumulated amortization	(6,019		)		(5,341		)
Total	$	11,797		18.4	$	11,309		19.5

The following is a summary of the net intangible amortization for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2013		2012		2011
Amortization recorded against rental income related to above or below market leases	$	1,772	$	1,682	$	1,983
Rental expense related to above or below market leasehold interests	346		521		700
Amortization expense related to in place leases and tenant relationships	42,820		41,643		40,489

As of December 31, 2013, the amortization of intangible assets and liabilities for each of the next five years and thereafter is as follows (in thousands):

Year	Assets		Liabilities
2014	$	49,888	$	1,492
2015	43,841		1,274
2016	38,424		1,073
2017	32,390		792
2018	26,575		736
Thereafter	132,470		6,430
Total	$	323,588	$	11,797