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Intangibles (Tables)
 6 Months Ended
Jun. 30, 2017
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, 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
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, 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
Schedule of future amortization of the acquired lease intangibles 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