Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2013

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

4. Acquired Intangible Assets and Liabilities

        During the year ended December 31, 2012, through the acquisition of DE1 and DE2, the Company added $2.9 million of new intangible assets and $0.2 million of new intangible liabilities with a weighted average life of 4.4 years and 0.5 years, respectively. The Company did not acquire new intangible assets or liabilities during the years ended December 31, 2013, and 2011.

        The gross above-market lease value at December 31, 2013, and 2012, was $4.1 million and $6.8 million, respectively, and total accumulated amortization at December 31, 2013, and 2012, was $2.8 million and $4.5 million, respectively. The gross below-market lease value at December 31, 2013, and 2012, was $11.0 million and $18.6 million, respectively, and total accumulated amortization at December 31, 2013, and 2012, was $4.4 million and $10.1 million, respectively. The net effect of amortization of acquired above-market and below-market leases resulted in an increase to rental income of $0.8 million, $1.5 million, and $1.7 million, for the years ended December 31, 2013, 2012, and 2011, respectively. The estimated amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years, which will be a net increase to rental revenue, is as follows (in thousands):

Year Ending December 31,
2014	$	434
2015		548
2016		565
2017		596
2018		597
Thereafter		2,590
Total	$	5,330

        Amortization of all other identified intangible assets was $7.4 million, $18.1 million, and $32.2 million, for the years ended December 31, 2013, 2012, and 2011, respectively. At December 31, 2013, and 2012, the gross intangible value was $24.5 million and $45.7 million, respectively, and the total accumulated amortization balance was $14.8 million and $28.6 million, respectively. The estimated amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows (in thousands):

Year Ending December 31,
2014	$	3,168
2015		2,071
2016		1,665
2017		1,172
2018		656
Thereafter		945
Total	$	9,677