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Intangibles (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands):
 
June 30, 2016
 
December 31, 2015
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
195,797

 
$
(39,137
)
 
$
156,660

 
$
163,728

 
$
(26,702
)
 
$
137,026

Above market leases
30,459

 
(5,220
)
 
25,239

 
26,787

 
(3,174
)
 
23,613

Leasehold interest
712

 
(94
)
 
618

 
712

 
(64
)
 
648

Below market ground lease
36,951

 
(209
)
 
36,742

 
13,941

 
(68
)
 
13,873

Total
$
263,919


$
(44,660
)

$
219,259


$
205,168


$
(30,008
)

$
175,160

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market lease
$
9,457

 
$
(1,347
)
 
$
8,110

 
$
6,068

 
$
(799
)
 
$
5,269

Above market ground lease
1,267

 
(29
)
 
1,238

 
701

 
(20
)
 
681

Total
$
10,724


$
(1,376
)

$
9,348


$
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 and six month periods ended June 30, 2016 and 2015, respectively (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Amortization expense related to in-place leases
$
6,746

 
$
3,397

 
$
12,435

 
$
5,871

Decrease of rental income related to above-market leases
1,059

 
577

 
2,046

 
929

Decrease of rental income related to leasehold interest
15

 
14

 
30

 
29

Increase of rental income related to below-market leases
322

 
138

 
548

 
264

Decrease of operating expense related to above market ground leases
5

 
4

 
9

 
8

Increase in operating expense related to below market ground lease
94

 
4

 
141

 
5
Schedule of future amortization of the acquired lease intangibles
Future aggregate net amortization of the acquired lease intangibles as of June 30, 2016, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2016
$
(1,141
)
 
$
14,782

2017
(1,812
)
 
27,144

2018
(1,824
)
 
22,779

2019
(1,922
)
 
18,294

2020
(2,181
)
 
15,869

Thereafter
(8,867
)
 
93,306

Total
$
(17,747
)

$
192,174