Deferred Leasing Costs and Lease Intangibles, net

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Deferred Leasing Costs and Lease Intangibles, net

The following summarizes our deferred leasing costs and lease intangibles as of:



	December 31, 2014			December 31, 2013
Above-market leases	$	10,891		$	14,869
Leases in place	60,130			83,793
Below-market ground leases	7,513			7,513
Other lease intangibles	26,731			35,651
Lease buy-out costs	4,597			3,107
Deferred leasing costs	38,912			28,270
	$	148,774		$	173,203
Accumulated amortization	(46,751		)	(64,801		)
Deferred leasing costs and lease intangibles, net	$	102,023		$	108,402

Below-market leases	57,420			67,284
Accumulated accretion	(16,451		)	(22,100		)
Below-market leases, net	$	40,969		$	45,184

During the years ended December 31, 2014, 2013 and 2012, the Company recognized $20.9 million, $24.4 million, and $19.8 million, respectively, of amortization expense related to lease costs and in-place leases, and amortized $2.0 million, $2.5 million, and $3.8 million respectively, of above-market leases against rental revenue. As of December 31, 2014 and 2013, the weighted-average amortization period for lease intangibles was 6.17 years and 7.78 years, respectively.

As of December 31, 2014, the estimated aggregate amortization of deferred leasing costs and lease intangible assets, net for each of the next five years and thereafter are as follows:



Year ended	Deferred leasing costs and lease intangibles, net
2015	$	19,096
2016	17,289
2017	14,087
2018	12,334
2019	10,976
Thereafter	28,241
	$	102,023

During the years ended December 31, 2014, 2013 and 2012, the Company amortized $7.7 million, $8.6 million, and $7.3 million, respectively of below-market leases in rental revenue. As of December 31, 2014 and 2013, the weighted-average amortization period for below-market leases was 6.54 years and 7.23 years, respectively.

As of December 31, 2014 the estimated amortization of below-market leases, net for each of the next five years and thereafter are as follows:



Year ended	Below Market Lease
2015	$	7,158
2016	6,798
2017	6,334
2018	5,609
2019	5,311
Thereafter	9,759
	$	40,969