4. Deferred Leasing Intangibles

Deferred leasing intangibles included in total assets consisted of the following (in thousands):

	March 31, 2013			December 31, 2012
In-place leases	$	115,852		$	108,363
Less: Accumulated amortization	(34,238		)	(28,289		)
In-place leases, net	81,614			80,074
Above market leases	51,064			50,699
Less: Accumulated amortization	(12,199		)	(10,362		)
Above market leases, net	38,865			40,337
Tenant relationships	64,834			61,050
Less: Accumulated amortization	(13,837		)	(11,298		)
Tenant relationships, net	50,997			49,752
Leasing commissions	25,664			23,376
Less: Accumulated amortization	(6,897		)	(5,984		)
Leasing commissions, net	18,767			17,392
Total deferred leasing intangibles, net	$	190,243		$	187,555

Deferred leasing intangibles included in total liabilities consisted of the following (in thousands):

	March 31, 2013			December 31, 2012
Below market leases	$	10,329		$	9,878
Less: Accumulated amortization	(3,477		)	(3,007		)
Total deferred leasing intangibles, net	$	6,852		$	6,871

Amortization expense, inclusive of results from discontinued operations, related to in-place leases, leasing commissions and tenant relationships of deferred leasing intangibles was $9.4 million and $5.0 million for the three months ended March 31, 2013 and March 31, 2012, respectively. Rental income, inclusive of results from discontinued operations, related to net amortization of above (below) market leases decreased by $1.4 million and $1.2 million for the three months ended March 31, 2013 and March 31, 2012, respectively.

Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands):

	Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships		Net Decrease to Rental Income Related to Above and Below Market Leases
Remainder of 2013	$	35,334	$	5,285
2014	29,953		4,802
2015	23,589		5,088
2016	19,642		4,755
2017	15,405		3,525