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Intangibles (Tables)
 3 Months Ended
Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]  
Summary of the carrying amount of intangible assets and liabilities
The following is a summary of the carrying amount of intangible assets and liabilities as of March 31, 2016 and December 31, 2015 (in thousands):
 
March 31, 2016
 
December 31, 2015
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
182,885

 
$
(32,391
)
 
$
150,494

 
$
163,728

 
$
(26,702
)
 
$
137,026

Above market leases
29,194

 
(4,161
)
 
25,033

 
26,787

 
(3,174
)
 
23,613

Leasehold interest
712

 
(79
)
 
633

 
712

 
(64
)
 
648

Below market ground lease
15,997

 
(115
)
 
15,882

 
13,941

 
(68
)
 
13,873

Total
$
228,788


$
(36,746
)

$
192,042


$
205,168


$
(30,008
)

$
175,160

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market lease
$
6,537

 
$
(1,025
)
 
$
5,512

 
$
6,068

 
$
(799
)
 
$
5,269

Above market ground lease
919

 
(24
)
 
895

 
701

 
(20
)
 
681

Total
$
7,456


$
(1,049
)

$
6,407


$
6,769


$
(819
)

$
5,950
Summary of the carrying amount of acquired lease intangibles
The following is a summary of the acquired lease intangible amortization for the three month periods ended March 31, 2016 and 2015, respectively (in thousands):
 
 
Three Months Ended
March 31,
 
 
2016
 
2015
Amortization expense related to in-place leases
 
$
5,689

 
$
2,474

Decrease of rental income related to above-market leases
 
987

 
352

Decrease of rental income related to leasehold interest
 
15

 
15

Increase of rental income related to below-market leases
 
226

 
126

Decrease of operating expense related to above market ground leases
 
4

 
4

Increase in operating expense related to below market ground lease
 
47

 
1
Schedule of future amortization of the acquired lease intangibles
Future aggregate net amortization of the acquired lease intangibles as of March 31, 2016, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2016
$
(2,935
)
 
$
18,218

2017
(2,522
)
 
22,288

2018
(2,234
)
 
20,481

2019
(2,126
)
 
16,603

2020
(2,047
)
 
14,441

Thereafter
(8,290
)
 
73,450

Total
$
(20,154
)

$
165,481