5. ACQUIRED LEASE INTANGIBLES

We identify and record 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 intangibles are amortized over the leases' remaining terms, which generally range from one month to 25 years. Below market lease amortization includes fixed-rate renewal periods where we believe the tenant is reasonably compelled to renew the lease.

Balance Sheet Presentation

Total in-place and above and below-market lease amounts and their respective accumulated amortization as of March 31, 2012, and December 31, 2011 are as follows (in thousands):


	March 31, 2012			December 31, 2011
Acquired lease intangible assets:
In-place leases	$	22,307		$	22,720
In-place leases – accumulated amortization		(13,146	)		(12,978	)
Above-market leases		2,187			2,247
Above-market leases – accumulated amortization		(1,814	)		(1,850	)
Acquired leases intangibles, net	$	9,534		$	10,139

Acquired lease intangible liabilities:
Below-market leases	$	4,597		$	4,623
Below-market leases – accumulated amortization		(2,654	)		(2,602	)
Acquired below-market lease intangibles, net	$	1,943		$	2,021

Income Statement Presentation

The following table details our amortization related to in-place leases and above and below-market leases as well as the presentation of such amounts in our consolidated statements of operations for the three months ended March 31, 2012, and 2011 (in thousands):


	Presentation		2012		2011
In-place leases		amortization expense	$	581	$	314
Above-market leases		reduction of rental income	$	24	$	11
Below-market leases		increase in rental income	$	78	$	61