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Intangibles
 3 Months Ended
Mar. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles Intangibles
 
The following is a summary of the carrying amount of intangible assets and liabilities (including those related to the Georgia Portfolio) as of March 31, 2017 and December 31, 2016 (in thousands):
 
March 31, 2017
 
December 31, 2016
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
250,038

 
$
(64,317
)
 
$
185,721

 
$
222,394

 
$
(55,605
)
 
$
166,789

Above market leases
48,884

 
(8,298
)
 
40,586

 
35,478

 
(6,909
)
 
28,569

Leasehold interest
712

 
(138
)
 
574

 
712

 
(124
)
 
588

Below market ground leases
43,920

 
(724
)
 
43,196

 
42,878

 
(539
)
 
42,339

Total
$
343,554


$
(73,477
)

$
270,077


$
301,462


$
(63,177
)

$
238,285

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market lease
$
11,054

 
$
(2,914
)
 
$
8,140

 
$
10,297

 
$
(2,345
)
 
$
7,952

Above market ground leases
1,345

 
(52
)
 
1,293

 
1,345

 
(44
)
 
1,301

Total
$
12,399


$
(2,966
)

$
9,433


$
11,642


$
(2,389
)

$
9,253


 
The following is a summary of the acquired lease intangible amortization for the three month periods ended March 31, 2017 and 2016, respectively (in thousands):
 
 
Three Months Ended
March 31,
 
 
2017
 
2016
Amortization expense related to in-place leases
 
$
8,740

 
$
5,689

Decrease of rental income related to above-market leases
 
1,389

 
987

Decrease of rental income related to leasehold interest
 
14

 
15

Increase of rental income related to below-market leases
 
569

 
226

Decrease of operating expense related to above market ground leases
 
8

 
4

Increase in operating expense related to below market ground leases
 
185

 
47



For the three months ended March 31, 2017, the Company wrote-off in-place lease intangible assets of approximately $0.6 million with accumulated amortization of $0.1 million. In addition, the Company wrote-off above market lease intangible assets of approximately $169,000 with accumulated amortization of approximately $26,000, and below market lease intangible liabilities of approximately $53,000 with accumulated accretion of approximately $5,000, for a net loss of approximately $95,000 to rental income from intangible amortization.

Future aggregate net amortization of the acquired lease intangibles as of March 31, 2017, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2017
$
(2,315
)
 
$
24,138

2018
(2,986
)
 
28,461

2019
(3,113
)
 
24,096

2020
(3,203
)
 
21,719

2021
(3,281
)
 
20,320

Thereafter
(19,505
)
 
108,776

Total
$
(34,403
)

$
227,510


 
As of March 31, 2017, the weighted average amortization period for asset lease intangibles and liability lease intangibles are 17 and 11 years, respectively.