Note 4—Intangibles

The following is a summary of the carrying amount of intangible assets as of September 30, 2013 and December 31, 2012 (in thousands):

	September 30, 2013							December 31, 2012
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
In-place leases	$	26,073	$	(7,525	)	$	18,548	$	12,150	$	(6,907	)	$	5,243
Above market leases	2,180		(12		)	2,168		—		—			—
Total	$	28,253	$	(7,537	)	$	20,716	$	12,150	$	(6,907	)	$	5,243

Amortization expense related to intangibles was $0.6 million for each of the nine month periods ended September 30, 2013 and 2012. Amortization expense related to intangibles was $0.2 million for each of the three months ended September, 30, 2013 and 2012. Future amortization of the intangible assets as of September 30, 2013, is as follows (in thousands):

Year Ending December 31:
2013	$	567
2014	2,217
2015	2,185
2016	2,172
2017	1,996
Thereafter	11,579
Total	$	20,716