Lease Intangible Assets, Net

3 Months Ended

Mar. 31, 2013

Lease Intangible Assets, Net

4. Lease Intangible Assets, Net

Lease intangible assets, net consisted of the following at March 31, 2013 and December 31, 2012:

	March 31, 2013		December 31, 2012
	(in thousands)
In-place leases, net of accumulated amortization of $22.8 million and $20.7 million as of March 31, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 80 and 82 months as of March 31, 2013 and December 31, 2012, respectively)	$	47,486	$	50,666
Above-market leases, net of accumulated amortization of $5.8 million and $5.2 million as of March 31, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 67 and 70 months as of March 31, 2013 and December 31, 2012, respectively)		15,220		15,888
Leasing commissions, net of accumulated amortization of $5.5 million and $4.9 million as of March 31, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 109 and 111 months as of March 31, 2013 and December 31, 2012, respectively)		18,255		19,092
	$	80,961	$	85,646

Estimated amortization of lease intangible assets as of March 31, 2013 for each of the next five years and thereafter is as follows (in thousands):

Year Ending December 31,	Amount
2013 (remaining nine months)	$	14,299
2014		14,856
2015		10,632
2016		7,879
2017		6,893
Thereafter		26,402
Total	$	80,961

Amortization expense recorded on the lease intangible assets for the three months ended March 31, 2013 and 2012 was $7.3 million and $4.9 million, respectively. Included in these amounts are $1.5 million and $747,000, respectively, of amortization of above-market lease intangible assets recorded against rental revenue.