Acquired Intangible Assets, Net

3 Months Ended

Mar. 31, 2017

Finite-Lived Intangible Assets, Net [Abstract]

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net

Acquired intangible assets, net, consisted of the following as of March 31, 2017 and December 31, 2016 (amounts in thousands, except weighted average life amounts):

	March 31, 2017		December 31, 2016
In-place leases, net of accumulated amortization of $55,984 and $51,837, respectively (with a weighted average remaining life of 12.7 years and 12.9 years, respectively)	$	168,644	$	172,791
Above-market leases, net of accumulated amortization of $1,383 and $1,303, respectively (with a weighted average remaining life of 10.0 years and 10.3 years, respectively)	2,977		3,057
Ground lease interest, net of accumulated amortization of $245 and $232, respectively (with a weighted average remaining life of 59.3 years and 59.5 years, respectively)	2,569		2,582
	$	174,190	$	178,430

The aggregate weighted average remaining life of the acquired intangible assets was 13.3 years and 13.5 years as of March 31, 2017 and December 31, 2016, respectively.

Amortization of the acquired intangible assets for the three months ended March 31, 2017 and 2016 was $4,240,000 and $4,346,000, respectively. Amortization of the above-market leases is recorded as an adjustment to rental and parking revenue, amortization expense for the in-place leases is included in depreciation and amortization and amortization expense for the ground lease interest is included in rental and parking expenses in the accompanying condensed consolidated statements of comprehensive income.