Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets on Real Estate Acquisition, Net

v3.3.0.814
Intangible Assets on Real Estate Acquisition, Net
 9 Months Ended
Sep. 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):
 
 
September 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
 
$
138,410

 
$
87,667

 
$
50,743

 
$
123,759

 
$
101,040

 
$
22,719

Tenant relationship value
 
63,117

 
22,525

 
40,592

 
42,301

 
28,492

 
13,809

Below-market cost arrangements
 
15,102

 
6,505

 
8,597

 
12,415

 
5,984

 
6,431

Above-market leases
 
13,844

 
7,987

 
5,857

 
8,659

 
8,159

 
500

Market concentration premium
 
1,333

 
948

 
385

 
1,333

 
938

 
395

 
 
$
231,806

 
$
125,632

 
$
106,174

 
$
188,467

 
$
144,613

 
$
43,854


Amortization of the intangible asset categories set forth above totaled $11.9 million in the nine months ended September 30, 2015 and $10.8 million in the nine months ended September 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: six years; tenant relationship value: 11 years; below-market cost arrangements: 35 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 10 years. Estimated amortization expense associated with the intangible asset categories set forth above through 2020 follows (excluding amounts for properties held for sale): $5.1 million for the three months ending December 31, 2015; $19.7 million for 2016; $17.1 million for 2017; $12.3 million for 2018; $9.3 million for 2019; and $7.3 million for 2020.