Annual report pursuant to Section 13 and 15(d)

Intangible Assets on Real Estate Acquisitions

v3.6.0.2
Intangible Assets on Real Estate Acquisitions
 12 Months Ended
Dec. 31, 2016
Intangible Assets on Real Estate Acquisitions  
Intangible Assets on Real Estate Acquisitions
Intangible Assets on Real Estate Acquisitions

Intangible assets on real estate acquisitions consisted of the following (in thousands):
 
 
December 31, 2016
 
December 31, 2015
 
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
 Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Carrying Amount
In-place lease value
 
$
132,647

 
$
99,940

 
$
32,707

 
$
134,664

 
$
89,540

 
$
45,124

Tenant relationship value
 
60,028

 
26,253

 
33,775

 
62,172

 
23,468

 
38,704

Below-market cost arrangements
 
15,102

 
7,285

 
7,817

 
15,102

 
6,692

 
8,410

Above-market leases
 
13,944

 
10,259

 
3,685

 
14,210

 
8,491

 
5,719

Other
 
1,333

 
966

 
367

 
1,333

 
952

 
381

 
 
$
223,054

 
$
144,703

 
$
78,351

 
$
227,481

 
$
129,143

 
$
98,338



Amortization of the intangible asset categories set forth above totaled $20.0 million in 2016, $18.5 million in 2015 and $15.2 million in 2014. The approximate weighted average amortization periods of the categories set forth above follow: in-place lease value: six years; tenant relationship value: 10 years; below-market cost arrangements: 35 years; above-market leases: three years; and other: 26 years. The approximate weighted average amortization period for all of the categories combined is 11 years. The estimated amortization (to amortization associated with real estate operations, rental revenue and property operating expenses) associated with the intangible asset categories set forth above for the next five years is: $16.8 million for 2017; $11.6 million for 2018; $8.6 million for 2019; $6.8 million for 2020; and $6.6 million for 2021.