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Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2014
Intangible Assets And Liabilities [Abstract]  
Intangible Assets and Liabilities
Intangible Assets and Liabilities
 
In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 53 years. In addition, we have several ground leases that are being amortized over periods of up to 94 years. In-place lease intangibles are included in In-place lease intangible assets, net in the consolidated financial statements. Tenant relationship, above-market rent, below-market ground lease (as lessee) intangibles, and goodwill are included in Other intangible assets, net in the consolidated financial statements. Below-market rent and above-market ground lease (as lessor) intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.
 
In connection with our investment activity during the six months ended June 30, 2014, we have recorded net lease intangibles comprised as follows (life in years, dollars in thousands):
 
Weighted-Average Life
 
Amount
Amortizable Intangible Assets
 
 
 
In-place lease
3.6
 
$
6,753

Above-market rent
20.0
 
455

 
 
 
$
7,208

Amortizable Intangible Liabilities
 
 
 
Below-market rent
11.2
 
$
(185
)


Intangible assets and liabilities are summarized as follows (in thousands):
 
June 30, 2014
 
December 31, 2013
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Amortizable Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
In-place lease
$
544,633

 
$
(98,942
)
 
$
445,691

 
$
537,271

 
$
(80,027
)
 
$
457,244

Above-market rent
97,315

 
(14,974
)
 
82,341

 
97,109

 
(12,413
)
 
84,696

Tenant relationship
13,514

 
(4,469
)
 
9,045

 
13,552

 
(4,299
)
 
9,253

Below-market ground leases
7,124

 
(139
)
 
6,985

 
7,124

 
(79
)
 
7,045

 
662,586

 
(118,524
)
 
544,062

 
655,056

 
(96,818
)
 
558,238

Unamortizable Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
Goodwill
342

 
—

 
342

 
4,062

 
—

 
4,062

Total intangible assets
$
662,928

 
$
(118,524
)
 
$
544,404

 
$
659,118

 
$
(96,818
)
 
$
562,300

 
 
 
 
 
 
 
 
 
 
 
 
Amortizable Intangible Liabilities
 
 
 
 
 
 
 
 
 
 
 
Below-market rent
$
(113,076
)
 
$
10,873

 
$
(102,203
)
 
$
(110,606
)
 
$
8,163

 
$
(102,443
)
Above-market ground lease
(1,145
)
 
10

 
(1,135
)
 
(157
)
 
3

 
(154
)
Total intangible liabilities
$
(114,221
)
 
$
10,883

 
$
(103,338
)
 
$
(110,763
)
 
$
8,166

 
$
(102,597
)


Net amortization of intangibles, including the effect of foreign currency translation, was $9.6 million and $8.5 million for the three months ended June 30, 2014 and 2013, respectively, and $19.1 million and $17.4 million for the six months ended June 30, 2014 and 2013, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues, amortization of below-market ground lease intangibles is included in General and administrative expenses, and amortization of in-place lease, above-market ground lease, and tenant relationship intangibles is included in Depreciation and amortization.
 
Based on the intangible assets and liabilities recorded at June 30, 2014, scheduled annual net amortization of intangibles for the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter is as follows (in thousands):
Years Ending December 31,
 
Net (Increase) Decrease in Rental Income
 
Increase to Amortization/Property Expense
 
Net
2014 (remaining)
 
$
(143
)
 
$
19,123

 
$
18,980

2015
 
(278
)
 
36,666

 
36,388

2016
 
13

 
32,021

 
32,034

2017
 
236

 
29,354

 
29,590

2018
 
262

 
29,246

 
29,508

Thereafter
 
(19,953
)
 
314,177

 
294,224

 
 
$
(19,863
)
 
$
460,587

 
$
440,724