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Intangibles
 6 Months Ended
Jun. 30, 2017
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles Intangibles
 
The following is a summary of the carrying amount of intangible assets and liabilities as of June 30, 2017 and December 31, 2016 (in thousands):
 
June 30, 2017
 
December 31, 2016
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
282,468

 
$
(66,309
)
 
$
216,159

 
$
222,394

 
$
(55,605
)
 
$
166,789

Above market leases
51,530

 
(9,392
)
 
42,138

 
35,478

 
(6,909
)
 
28,569

Leasehold interest
712

 
(153
)
 
559

 
712

 
(124
)
 
588

Below market ground leases
47,165

 
(912
)
 
46,253

 
42,878

 
(539
)
 
42,339

Total
$
381,875


$
(76,766
)

$
305,109


$
301,462


$
(63,177
)

$
238,285

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market lease
$
13,098

 
$
(3,372
)
 
$
9,726

 
$
10,297

 
$
(2,345
)
 
$
7,952

Above market ground leases
5,516

 
(59
)
 
5,457

 
1,345

 
(44
)
 
1,301

Total
$
18,614


$
(3,431
)

$
15,183


$
11,642


$
(2,389
)

$
9,253


 
The following is a summary of the acquired lease intangible amortization for the three and six month periods ended June 30, 2017 and 2016, respectively (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Amortization expense related to in-place leases
$
8,327

 
$
6,746

 
$
17,066

 
$
12,435

Decrease of rental income related to above-market leases
1,263

 
1,059

 
2,652

 
2,046

Decrease of rental income related to leasehold interest
15

 
15

 
29

 
30

Increase of rental income related to below-market leases
511

 
322

 
1,080

 
548

Decrease of operating expense related to above market ground leases
7

 
5

 
15

 
9

Increase in operating expense related to below market ground leases
188

 
94

 
373

 
141



For the three months ended June 30, 2017, the Company wrote-off in-place lease intangible assets of approximately $2.0 million with accumulated amortization of $1.8 million, for a net loss of approximately $0.2 million to rental income from intangible amortization.

For the six months ended June 30, 2017, the Company wrote-off in-place lease intangible assets of approximately $2.6 million with accumulated amortization of $1.9 million, as well as certain above market lease intangible assets and below market lease intangible liabilities. Intangible write-offs for the six months ended June 30, 2017 resulted in an aggregate net loss of approximately $0.9 million to rental income from intangible amortization.

Future aggregate net amortization of the acquired lease intangibles as of June 30, 2017, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2017
$
(1,496
)
 
$
19,513

2018
(2,899
)
 
34,967

2019
(3,021
)
 
30,833

2020
(3,159
)
 
28,356

2021
(3,258
)
 
24,256

Thereafter
(19,138
)
 
119,030

Total
$
(32,971
)

$
256,955


 
As of June 30, 2017, the weighted average amortization period for asset lease intangibles and liability lease intangibles are 17 and 20 years, respectively.