Intangible Lease Liabilities, Net

3 Months Ended

Mar. 31, 2017

Intangible Lease Liabilities, Net [Abstract]

Intangible Lease Liabilities, Net

Intangible Lease Liabilities, Net

Intangible lease liabilities, 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
Below-market leases, net of accumulated amortization of $16,869 and $16,031, respectively (with a weighted average remaining life of 16.9 years and 17.1 years, respectively)	$	43,536	$	44,374
Ground leasehold liabilities, net of accumulated amortization of $332 and $301, respectively (with a weighted average remaining life of 42.0 years and 42.2 years, respectively)	4,993		5,024
	$	48,529	$	49,398

The aggregate weighted average remaining life of intangible lease liabilities was 19.5 years and 19.6 years as of March 31, 2017 and December 31, 2016, respectively.

Amortization of the intangible lease liabilities for the three months ended March 31, 2017 and 2016 was $869,000 and $975,000, respectively. Amortization of below-market leases is recorded as an adjustment to rental and parking revenue and amortization expense of ground leasehold liabilities is included in rental and parking expenses in the accompanying condensed consolidated statements of comprehensive income.