XML 40 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangibles (Tables)
 9 Months Ended
Sep. 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 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
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, 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
Schedule of future amortization of the acquired lease intangibles 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