Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets on Real Estate Acquisition, Net

v3.2.0.727
Intangible Assets on Real Estate Acquisition, Net
 6 Months Ended
Jun. 30, 2015
Intangible Assets on Real Estate Acquisitions [Abstract]  
Intangible Assets on Real Estate Acquisition, Net
Intangible Assets on Real Estate Acquisitions, Net

Intangible assets on real estate acquisitions consisted of the following, excluding amounts for properties held for sale (in thousands):
 
 
June 30, 2015
 
December 31, 2014
 
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
 Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Carrying Amount
In-place lease value
 
$
134,387

 
$
95,910

 
$
38,477

 
$
123,759

 
$
101,040

 
$
22,719

Tenant relationship value
 
58,560

 
27,666

 
30,894

 
42,301

 
28,492

 
13,809

Below-market cost arrangements
 
12,415

 
6,324

 
6,091

 
12,415

 
5,984

 
6,431

Above-market leases
 
14,344

 
8,467

 
5,877

 
8,659

 
8,159

 
500

Market concentration premium
 
1,333

 
944

 
389

 
1,333

 
938

 
395

 
 
$
221,039

 
$
139,311

 
$
81,728

 
$
188,467

 
$
144,613

 
$
43,854


Amortization of the intangible asset categories set forth above totaled $7.0 million in the six months ended June 30, 2015 and $7.4 million in the six months ended June 30, 2014. The approximate weighted average amortization periods of the categories set forth above follow (excluding amounts for properties held for sale): in-place lease value: five years; tenant relationship value: nine years; below-market cost arrangements: 32 years; above-market leases: four years; and market concentration premium: 27 years. The approximate weighted average amortization period for all of the categories combined is nine years. Estimated amortization expense associated with the intangible asset categories set forth above through 2020 follows (excluding amounts for properties held for sale): $8.6 million for the six months ending December 31, 2015; $16.6 million for 2016; $14.3 million for 2017; $9.5 million for 2018; $6.7 million for 2019; and $5.1 million for 2020.