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Intangibles (Tables)
 9 Months Ended
Sep. 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 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
Summary of the carrying amount of acquired lease intangibles
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
Schedule of future amortization of the acquired lease intangibles
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