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Intangibles
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016 (in thousands):
 
September 30, 2017
 
December 31, 2016
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
301,293

 
$
(75,354
)
 
$
225,939

 
$
222,394

 
$
(55,605
)
 
$
166,789

Above market leases
51,967

 
(10,613
)
 
41,354

 
35,478

 
(6,909
)
 
28,569

Leasehold interest
712

 
(168
)
 
544

 
712

 
(124
)
 
588

Below market ground leases
48,636

 
(1,120
)
 
47,516

 
42,878

 
(539
)
 
42,339

Total
$
402,608


$
(87,255
)

$
315,353


$
301,462


$
(63,177
)

$
238,285

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below market leases
$
13,741

 
$
(3,933
)
 
$
9,808

 
$
10,297

 
$
(2,345
)
 
$
7,952

Above market ground leases
5,965

 
(93
)
 
5,872

 
1,345

 
(44
)
 
1,301

Total
$
19,706


$
(4,026
)

$
15,680


$
11,642


$
(2,389
)

$
9,253


 
The following is a summary of the acquired lease intangible amortization for the three and nine month periods ended September 30, 2017 and 2016, respectively (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Amortization expense related to in-place leases
$
9,453

 
$
7,420

 
$
26,520

 
$
19,855

Decrease of rental income related to above-market leases
1,335

 
1,276

 
3,987

 
3,322

Decrease of rental income related to leasehold interest
15

 
15

 
44

 
45

Increase of rental income related to below-market leases
623

 
670

 
1,704

 
1,218

Decrease of operating expense related to above market ground leases
34

 
8

 
49

 
17

Increase in operating expense related to below market ground leases
208

 
158

 
581

 
299



For the three months ended September 30, 2017, the Company wrote-off in-place lease intangible assets of approximately $0.4 million with accumulated amortization of $0.1 million, for a net loss of approximately $0.3 million to rental income from intangible amortization.

For the nine months ended September 30, 2017, the Company wrote-off in-place lease intangible assets of approximately $3.1 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 nine months ended September 30, 2017 resulted in an aggregate net loss of approximately $1.3 million to rental income from intangible amortization.

Future aggregate net amortization of the acquired lease intangibles as of September 30, 2017, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2017
$
(762
)
 
$
9,336

2018
(2,849
)
 
34,468

2019
(2,960
)
 
30,335

2020
(3,087
)
 
27,858

2021
(3,206
)
 
26,380

Thereafter
(19,226
)
 
139,206

Total
$
(32,090
)

$
267,583


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