Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2016

Acquired Lease Intangibles

Summary of the company's 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

Estimated amortization of acquired lease intangibles

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