Intangibles (Tables)

6 Months Ended

Jun. 30, 2014

Intangibles

Summary of the carrying amount of acquired lease intangibles

The following is a summary of the carrying amount of acquired lease intangibles as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014							December 31, 2013
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
Assets
In-place leases	$	43,702	$	(9,741	)	$	33,961	$	29,056	$	(8,080	)	$	20,976
Above market leases	3,537		(167		)	3,370		2,180		(48		)	2,132
Total	$	47,239	$	(9,908	)	$	37,331	$	31,236	$	(8,128	)	$	23,108
Liability
Below market lease	$	134	$	(1	)	$	133	—		—			—

Summary of the acquired lease intangible amortization

The following is a summary of the acquired lease intangible amortization for the three and six months ended June 30, 2014 and 2013 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Amortization expense related to in-place leases	$	1,013	$	312	$	1,724	$	512
Amortization recorded against rental income related to above market leases	73		—		119		—
Amortization recorded to rental income related to below market leases	1		—		1		—

Schedule of future aggregate amortization of the acquired lease intangibles

Future aggregate amortization of the acquired lease intangibles as of June 30, 2014, is as follows (in thousands):

	Assets		Liability
2014	$	2,412	$	7
2015	4,824		13
2016	4,812		13
2017	4,635		13
2018	4,280		13
Thereafter	16,368		74
Total	$	37,331	$	133