20.

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2013 (in thousands):


	December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	3,279	$	817	$	2,462
Above-market lease assets		27		7		20
Below-market lease liabilities		1,750		112		1,638
Below-market ground lease assets		1,920		33		1,887

Armada Hoffler did not have any acquired lease intangibles as of December 31, 2012.

Amortization of in-place lease assets, net below-market lease liabilities and below-market lease assets for the year ended December 31, 2013 was $0.8 million, $0.1 million and less than $0.1 million, respectively.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Rental Expenses		Depreciation and Amortization
Year ending December 31,
2014	$	158	$	53	$	458
2015		149		53		409
2016		111		53		355
2017		112		53		332
2018		104		53		189