15.

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2014 (in thousands):


	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease assets	$	5,434	$	2,096	$	3,338
Above-market lease assets		107		32		75
Below-market lease liabilities		2,169		302		1,867
Below-market ground lease assets		1,920		86		1,834

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

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2014 was $1.3 million, $0.2 million and less than $0.1 million, respectively.

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground 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,
2015	$	161	$	53	$	1,087
2016		112		53		626
2017		110		53		528
2018		107		53		351
2019		95		53		200