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Intangible Assets and Liabilities
 12 Months Ended
Dec. 31, 2015
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 lease intangibles that are being amortized over periods of up to 94 years. In-place lease intangibles and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. 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 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands):
 
Weighted-Average Life
 
Amount
Amortizable Intangible Assets
 
 
 
In-place lease
12.0
 
$
67,299

Above-market rent
10.0
 
619

Below-market ground lease
74.0
 
5,090

 
 
 
$
73,008

Amortizable Intangible Liabilities
 
 
 
Below-market rent
22.1
 
$
(1,833
)


Intangible assets and liabilities are summarized as follows (in thousands):
 
December 31, 2015
 
December 31, 2014
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Amortizable Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
In-place lease and tenant relationship
$
588,858

 
$
(143,635
)
 
$
445,223

 
$
551,569

 
$
(119,125
)
 
$
432,444

Above-market rent
88,288

 
(20,405
)
 
67,883

 
92,548

 
(16,539
)
 
76,009

Below-market ground leases
12,184

 
(322
)
 
11,862

 
7,124

 
(199
)
 
6,925

 
689,330

 
(164,362
)
 
524,968

 
651,241

 
(135,863
)
 
515,378

Unamortizable Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
Goodwill
304

 
—

 
304

 
304

 
—

 
304

Total intangible assets
$
689,634

 
$
(164,362
)
 
$
525,272

 
$
651,545

 
$
(135,863
)
 
$
515,682

 
 
 
 
 
 
 
 
 
 
 
 
Amortizable Intangible Liabilities
 
 
 
 
 
 
 
 
 
 
 
Below-market rent
$
(116,952
)
 
$
21,364

 
$
(95,588
)
 
$
(116,887
)
 
$
13,293

 
$
(103,594
)
Above-market ground lease
(1,145
)
 
32

 
(1,113
)
 
(1,145
)
 
17

 
(1,128
)
Total intangible liabilities
$
(118,097
)
 
$
21,396

 
$
(96,701
)
 
$
(118,032
)
 
$
13,310

 
$
(104,722
)


Net amortization of intangibles, including the effect of foreign currency translation, was $36.7 million, $38.0 million, and $35.5 million for years ended December 31, 2015, 2014, and 2013. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; amortization of below-market ground lease and above-market ground lease intangibles is included in Property expenses; and amortization of in-place lease and tenant relationship intangibles is included in Depreciation and amortization.

We performed our annual test for impairment of goodwill as of December 31, 2015 and no impairment was indicated. Goodwill resides within our Net lease segment, which is also the reporting unit for goodwill impairment testing.

Based on the intangible assets and liabilities recorded at December 31, 2015, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands):
Years Ending December 31,
 
Net Increase in Rental Income
 
Increase to Amortization/Property Expenses
 
Net
2016
 
$
(507
)
 
$
36,159

 
$
35,652

2017
 
(292
)
 
34,331

 
34,039

2018
 
(268
)
 
34,235

 
33,967

2019
 
(260
)
 
33,998

 
33,738

2020
 
(267
)
 
33,784

 
33,517

Thereafter
 
(26,111
)
 
283,465

 
257,354

 
 
$
(27,705
)
 
$
455,972

 
$
428,267