Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2017 (in thousands):



	December 31, 2017
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	50,506	$	25,193	$	25,313
Above-market lease assets	4,817		1,923		2,894
Below-market lease liabilities	18,089		4,260		13,829
Below-market ground lease assets	1,920		246		1,674

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

Amortization of in-place lease assets for the years ended December 31, 2017, 2016, and 2015 was $9.7 million, $10.2 million, and $2.9 million, respectively.

Amortization of above-market lease assets for the years ended December 31, 2017, 2016, and 2015 was $0.8 million, $0.9 million, and $0.3 million, respectively.

Amortization of below-market lease liabilities for the years ended December 31, 2017, 2016, and 2015 was $1.8 million, $1.8 million, and $0.1 million, respectively.

Amortization of below-market ground lease assets for the years ended December 31, 2017, 2016, and 2015 was $0.1 million, $0.1 million, and $0.1 million, respectively.

As of December 31, 2017, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, and below-market ground lease assets were 4.9 years, 6.0 years, 4.9 years, and 31.5 years, respectively. As of December 31, 2017, the weighted-average remaining life of below-market lease renewal options was 13.8 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,
2018	$	928	$	53	$	7,170
2019	842		53		5,359
2020	706		53		3,659
2021	721		53		2,250
2022	689		53		1,669