6. 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 December 31, 2011 and 2010 are as follows (in thousands):


		2011			2010
Acquired lease intangible assets:
In-place leases	$	22,720		$	16,891
In-place leases – accumulated amortization		(12,978	)		(11,122	)
Above-market leases		2,247			2,014
Above-market leases – accumulated amortization		(1,850	)		(1,808	)
Acquired leases intangibles, net	$	10,139		$	5,975

Acquired lease intangible liabilities:
Below-market leases	$	4,623		$	3,813
Below-market leases – accumulated amortization		(2,602	)		(2,328	)
Acquired below-market lease intangibles, net	$	2,021		$	1,485

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 years ended December 31, 2011, 2010, and 2009 (in thousands):


	Presentation	2011		2010		2009
In-place leases	amortization expense	$	2,117	$	1,409	$	1,939
Above-market leases	reduction of rental income	$	108	$	104	$	325
Below-market leases	increase in rental income	$	274	$	300	$	380

The estimated aggregate amortization amounts from acquired lease intangibles for each of the next five years are as follows (in thousands):


Year Ending		Amortization expense (in-		Rental income (above and
December 31,		place lease value)		below-market rent)
2012	$	1,916	$	194
2013		1,513		186
2014		1,297		174
2015		1,202		168
2016		1,028		133
	$	6,956	$	855