We have identified and recorded the value of acquired lease intangibles at the property acquisition date. Such intangibles include the value of acquired in-place leases and above and below market leases. Acquired lease intangible assets (in-place leases and above-market leases), are amortized over the leases' remaining terms, which range from one month to 20 years. The amortization expense related to in-place leases was $1.6 million and $1.1 million during the nine months ended September 30, 2011 and 2010, respectively. The amortization of above-market leases, which was recorded as a reduction of rental income, was $84,000 and $88,000 during the nine months ended September 30, 2011 and 2010, respectively. Acquired lease intangible liabilities (below-market leases) are accreted over the leases' remaining terms, which range from one month to 20 years. Accretion of below-market leases was $199,000 and $230,000 during the nine months ended September 30, 2011 and 2010, respectively. Such accretion is recorded as an increase to rental income. In connection with our acquisitions of The Market at Lake Houston, Brookwood Village and Alpharetta Commons (see Note 10), we recorded acquired lease intangible assets related to in-place leases and above-market leases of $6.1 million and $299,000, respectively. We also recorded acquired lease intangible liabilities related to below-market leases of $810,000.

Acquired lease intangible assets and liabilities and their respective accumulated amortization as of September 30, 2011 and December 31, 2010 are as follows (in thousands):

	September 30,	December 31,
	2011	2010
Acquired lease intangible assets:
In-place leases	22729	16891
In-place leases – accumulated amortization	-12426	-11122
Above-market leases	2247	2014
Above-market leases – accumulated amortization	-1826	-1808
Acquired leases intangibles, net	10724	5975

Acquired lease intangible liabilities:
Below-market leases	4623	3813
Below-market leases – accumulated amortization	-2527	-2328
Acquired below-market lease intangibles, net	2096	1485