Lease Intangibles

Upon acquisitions of real estate accounted for as business combinations, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below- market options and acquired in-place leases) and assumed liabilities in accordance with ASC Topic 805. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.

Intangible assets and liabilities are summarized as follows (in thousands):



	December 31, 2016									December 31, 2015
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	156,420		$	(47,827	)	$	108,593		$	84,443		$	(37,996	)	$	46,447
Above-market rent	16,649			(10,658		)	5,991			19,545			(13,399		)	6,146
	$	173,069		$	(58,485	)	$	114,584		$	103,988		$	(51,395	)	$	52,593

Amortizable Intangible Liabilities
Below-market rent	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)
	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)

During the year ended December 31, 2016, the Company acquired in-place lease intangible assets of $62.9 million, above-market rents of $0.7 million and below-market rents of $73.0 million with weighted-average useful lives of 7.2, 5.8 and 15.8 years, respectively.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2016 is as follows (in thousands):



	Net Increase in Lease Revenues		Increase to Amortization		Net
2017	$	9,253	$	21,433	$	(12,180	)
2018	9,415		17,966		(8,551		)
2019	9,157		12,416		(3,259		)
2020	8,117		10,413		(2,296		)
2021	6,974		9,066		(2,092		)
Thereafter	56,121		37,299		18,822
Total	$	99,037	$	108,593	$	(9,556	)