Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and liabilities as of December 31, 2016 and 2015 consisted of the following (in thousands):



	December 31, 2016			December 31, 2015
Assets:
In-place leases	$	93,952		$	79,996
Accumulated amortization	(33,034		)	(28,535		)
Above-market leases	30,251			25,575
Accumulated amortization	(11,964		)	(10,094		)
Acquired lease intangible assets, net	$	79,205		$	66,942
Liabilities:
Below-market leases	$	190,321		$	155,169
Accumulated amortization	(35,363		)	(30,308		)
Acquired lease intangible liabilities, net	$	154,958		$	124,861

For the years ended December 31, 2016, 2015 and 2014, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $13.8 million, $9.9 million and $6.9 million, respectively, which amounts are included in base rents in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2016, 2015 and 2014, the net amortization of in-place leases was $15.6 million, $13.2 million and $12.5 million, respectively, which amounts are included in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive income.

The scheduled future amortization of acquired lease intangible assets as of December 31, 2016 is as follows (in thousands):



Year Ending December 31:
2017	$	15,068
2018	11,406
2019	7,557
2020	6,083
2021	4,988
Thereafter	34,103
Total future amortization of acquired lease intangible assets	$	79,205

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2016 is as follows (in thousands):



Year Ending December 31:
2017	$	14,269
2018	13,375
2019	12,714
2020	11,546
2021	10,416
Thereafter	92,638
Total future amortization of acquired lease intangible liabilities	$	154,958