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Acquired Lease Intangibles (Tables)
 12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Acquired Lease Intangible Assets and Liabilities
The following table summarizes our acquisition-related intangible assets, including the value of in-place leases and above-market tenant leases, and our acquisition-related intangible liabilities, including below-market tenant leases and above-market ground leases as follows (in thousands):
 
December 31,
 
2016
 
2015
Acquired Lease Intangible Assets:
 
 
 
In-place lease intangibles
68,234

 
49,265

Accumulated amortization
(37,648
)
 
(25,107
)
In-place lease intangibles, net
30,586

 
24,158

 
 
 
 
Above-market tenant leases
10,191

 
9,062

Accumulated amortization
(4,412
)
 
(2,837
)
Above-market tenant leases, net
5,779

 
6,225

Acquired lease intangible assets, net
36,365

 
30,383

 
 
 
 
Acquired Lease Intangible Liabilities:
 

 
 

Below-market tenant leases
(12,426
)
 
(5,227
)
Accumulated accretion
3,477

 
2,053

Below-market tenant leases, net
(8,949
)
 
(3,174
)
 
 
 
 
Below-market ground lease
(290
)
 
(290
)
Accumulated accretion
109

 
77

Below-market ground lease, net
(181
)
 
(213
)
Acquired lease intangible liabilities, net
(9,130
)
 
(3,387
)
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles
The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands):
 
Year Ended December 31,
 
 2016
 
 2015
 
 2014
In-place lease intangibles(1)
$
13,560

 
$
12,445

 
$
9,275

Net above (below) market tenant leases(2)
$
(46
)
 
$
234

 
$
452

Above-market ground lease(3)
$
(32
)
 
$
(32
)
 
$
(32
)
(1)
The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
(2)
The amortization of above (below) market tenant leases is recorded as a decrease (increase) to rental revenues in the consolidated statements of operations for the periods presented.
(3)
The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented.
Summary of Estimated Net Amortization Expense of Above Market Leases and In-place Lease Intangibles
The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2016, for the next five years (in thousands):
Year Ending
In-place Leases(1)
 
Net Above/(Below)
Market Operating
Leases(2)
 
Above Market
Ground Lease(3)
2017
$
10,087

 
$
(403
)
 
$
(32
)
2018
6,979

 
(481
)
 
(32
)
2019
5,413

 
(417
)
 
(32
)
2020
3,602

 
(475
)
 
(32
)
2021
1,947

 
(511
)
 
(32
)
Thereafter
2,558

 
(883
)
 
(21
)
Total
$
30,586

 
$
(3,170
)
 
$
(181
)
(1)
Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operation.
(2)
Estimated amounts of amortization will be recorded as a net increase to rental revenues in the consolidated statements of operations.
(3)
Estimated amounts of accretion will be recorded as a decrease to property expenses in the consolidated statements of operations.