5. Lease Intangible Liabilities, Net

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


	March 31, 2013		December 31, 2012
	(in thousands)
Below-market leases, net of accumulated amortization of $5.4 million and $5.0 million as of March 31, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 134 months as of March 31, 2013 and December 31, 2012)	$	25,320	$	26,455

Amortization recorded on the lease intangible liabilities for the three months ended March 31, 2013 and 2012 was $1.5 million and $974,000, respectively. These amounts were recorded to rental revenue in the Company’s condensed consolidated statements of operations.

Estimated amortization of lease intangible liabilities 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)	$	2,625
2014		3,130
2015		2,600
2016		2,266
2017		2,143
Thereafter		12,556

Total	$	25,320