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Intangibles
 9 Months Ended
Sep. 30, 2016
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles
Intangibles
 
The following is a summary of the carrying amount of intangible assets and liabilities as of September 30, 2016 and December 31, 2015 (in thousands):
 
September 30, 2016
 
December 31, 2015
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
208,929

 
$
(46,557
)
 
$
162,372

 
$
163,728

 
$
(26,702
)
 
$
137,026

Above market leases
32,840

 
(5,840
)
 
27,000

 
26,787

 
(3,174
)
 
23,613

Leasehold interest
712

 
(109
)
 
603

 
712

 
(64
)
 
648

Below market ground leases
40,317

 
(367
)
 
39,950

 
13,941

 
(68
)
 
13,873

Total
$
282,798


$
(52,873
)

$
229,925


$
205,168


$
(30,008
)

$
175,160

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market lease
$
9,914

 
$
(1,823
)
 
$
8,091

 
$
6,068

 
$
(799
)
 
$
5,269

Above market ground leases
1,345

 
(37
)
 
1,308

 
701

 
(20
)
 
681

Total
$
11,259


$
(1,860
)

$
9,399


$
6,769


$
(819
)

$
5,950


 
The following is a summary of the acquired lease intangible amortization for the three and nine month periods ended September 30, 2016 and 2015, respectively (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Amortization expense related to in-place leases
$
7,420

 
$
4,253

 
$
19,855

 
$
10,124

Decrease of rental income related to above-market leases
1,276

 
742

 
3,322

 
1,671

Decrease of rental income related to leasehold interest
15

 
15

 
45

 
44

Increase of rental income related to below-market leases
670

 
167

 
1,218

 
431

Decrease of operating expense related to above market ground leases
8

 
4

 
17

 
12

Increase in operating expense related to below market ground leases
158

 
32

 
299

 
37



For the three and nine months ended September 30, 2016, the Trust wrote-off above market lease intangible assets of approximately $0.7 million with accumulated amortization of approximately $0.5 million, and below market lease intangible liabilities of approximately $0.2 million with accumulated accretion of approximately $0.1 million, for a net recognition of approximately $41,000 loss in rental income from intangible amortization.

Future aggregate net amortization of the acquired lease intangibles as of September 30, 2016, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2016
$
(554
)
 
$
7,721

2017
(1,933
)
 
28,761

2018
(2,023
)
 
24,383

2019
(2,145
)
 
20,018

2020
(2,232
)
 
17,640

Thereafter
(10,625
)
 
102,491

Total
$
(19,512
)

$
201,014


 
As of September 30, 2016, the weighted average amortization period for asset lease intangibles and liability lease intangibles are 18 and 11 years, respectively.