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Intangible Assets and Liabilities
 9 Months Ended
Sep. 30, 2017
Intangible Assets And Liabilities [Abstract]  
Intangible Assets and Liabilities
Intangible Assets and Liabilities

In-place lease intangibles are included in In-place lease intangible assets in the consolidated financial statements. Above-market rent and below-market ground lease (as lessee) intangibles are included in Other intangible assets in the consolidated financial statements. Goodwill is included in Other 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 nine months ended September 30, 2017 (Note 4), we recorded an In-place lease intangible asset of $2.0 million, which has an expected life of 20 years.

Intangible assets and liabilities are summarized as follows (in thousands):
 
 
 
September 30, 2017
 
December 31, 2016
 
Amortization Period (Years)
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Finite-Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
In-place lease
2 - 53
 
$
627,385

 
$
(202,882
)
 
$
424,503

 
$
620,149

 
$
(181,598
)
 
$
438,551

Above-market rent
5 - 40
 
97,521

 
(29,969
)
 
67,552

 
91,895

 
(24,599
)
 
67,296

Below-market ground leases
55 - 94
 
12,612

 
(662
)
 
11,950

 
12,023

 
(508
)
 
11,515

 
 
 
737,518

 
(233,513
)
 
504,005

 
724,067

 
(206,705
)
 
517,362

Indefinite-Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
304

 
—

 
304

 
304

 
—

 
304

Total intangible assets
 
 
$
737,822

 
$
(233,513
)
 
$
504,309

 
$
724,371

 
$
(206,705
)
 
$
517,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Below-market rent
7 - 53
 
$
(81,973
)
 
$
21,049

 
$
(60,924
)
 
$
(120,725
)
 
$
39,025

 
$
(81,700
)
Above-market ground lease
49 - 88
 
(1,145
)
 
57

 
(1,088
)
 
(1,145
)
 
46

 
(1,099
)
Total intangible liabilities
 
 
$
(83,118
)
 
$
21,106

 
$
(62,012
)
 
$
(121,870
)
 
$
39,071

 
$
(82,799
)


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 intangibles is included in Depreciation and amortization. Amortization of below- and above-market rent intangibles, including the effect of foreign currency translation, decreased Rental income by $0.3 million for the three months ended September 30, 2017 and increased Rental income by $4.1 million for the three months ended September 30, 2016, and $18.2 million and $4.3 million for the nine months ended September 30, 2017 and 2016, respectively. The nine months ended September 30, 2017 includes the impact of a below-market rent intangible liability write off of $15.7 million recognized in conjunction with the KBR lease modification (Note 13) that occurred during the current year. Net amortization expense of all of our other net intangible assets totaled $10.7 million and $13.6 million for the three months ended September 30, 2017 and 2016, respectively, and $34.0 million and $33.4 million for the nine months ended September 30, 2017 and 2016, respectively.