Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands):



	December 31, 2016
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	49,124	$	15,350	$	33,774
Above-market lease assets	4,490		1,138		3,352
Below-market lease liabilities	18,039		2,494		15,545
Below-market ground lease assets	1,920		193		1,727

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2015 (in thousands):



	December 31, 2015
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	19,700	$	5,128	$	14,572
Above-market lease assets	2,380		314		2,066
Below-market lease liabilities	6,640		768		5,872
Below-market ground lease assets	1,920		140		1,780

Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2016 was $10.2 million, $1.8 million and less than $0.9 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, 2015 was $2.9 million, $0.1 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, 2014 was $1.3 million, $0.2 million, and less than $0.1 million, respectively.

As of December 31, 2016, the weighted-average remaining lives of in-place lease assets, above-market lease assets, and below-market lease assets were 5.3 years, 6.7 years and 9.9 years, respectively. As of December 31, 2016, the weighted-average remaining life of below-market lease renewal options was 9.0 years.

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



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2017	$	1,002	$	53	$	9,535
2018	993		53		6,682
2019	883		53		5,192
2020	743		53		3,522
2021	755		53		2,125