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Real Estate Acquired | 12 Months Ended
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Dec. 31, 2014
Real Estate [Abstract] |
Real Estate Acquired | REAL ESTATE ACQUIRED 1500, 1580, 1582 and 1584 Rockville Pike In December 2012, the Company purchased for $22.4 million 1500 Rockville Pike, and incurred acquisition costs of $0.6 million. In January 2014, the Company purchased for $8.0 million 1580 Rockville Pike and incurred acquisition costs of $0.2 million. In April 2014, the Company purchased for $11.0 million 1582 Rockville Pike and incurred acquisition costs of $0.2 million. In December 2014, the company purchased for $6.2 million 1584 Rockville Pike and incurred acquisition costs of $0.2 million. These retail properties are contiguous with each other and are located in Rockville, Maryland. 730 and 750 Glebe Road In August 2014, the Company purchased for $40.0 million, 750 N. Glebe Road and incurred acquisition costs of $0.4 million. In December 2014, the Company purchased for $2.8 million 730 N. Glebe Road, and incurred acquisition costs of $40,400. These retail properties are contiguous and are located in Arlington, Virginia. 5541 Nicholson Lane In December 2012, the Company purchased for $11.7 million 5541 Nicholson Lane, a retail property located in Rockville, Maryland, and incurred acquisition costs of $0.5 million. Kentlands pad In August 2013, the Company purchased for $4.3 million, a retail pad with a 7,100 square foot restaurant located in Gaithersburg, Maryland, which is contiguous with and an expansion of the Company's other Kentlands assets, and incurred acquisition costs of $106,000. Hunt Club pad In December 2013, the Company purchased for $0.8 million, including acquisition costs, a retail pad with a 5,500 square foot vacant building located in Apopka, Florida, which is contiguous with and an expansion of the Company's other Hunt Club asset. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their fair values. See Note 2. Summary of Significant Accounting Policies-Real Estate Investment Properties. During 2014, the Company purchased five properties at an aggregate cost of $68.0 million, and incurred acquisition costs of $0.9 million. The purchase prices were allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table.
(in thousands) | 1580 Rockville Pike |  | 1582 Rockville Pike |  | 750 N. Glebe Road |  | 730 N. Glebe Road |  | 1584 Rockville Pike |  | Total
Land | $ | 9,600 |  |  | $ | 9,742 |  |  | $ | 38,224 |  |  | $ | 2,683 |  |  | $ | 5,798 |  |  | $ | 66,047 |
Buildings | 2,200 |  |  | 828 |  |  | 1,327 |  |  | 78 |  |  | 440 |  |  | 4,873 |
In-place Leases | 513 |  |  | 849 |  |  | 449 |  |  | 39 |  |  | 249 |  |  | 2,099 |
Above Market Rent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Below Market Rent | (4,313 | ) |  | (419 | ) |  | — |  |  | — |  |  | (337 | ) |  | (5,069 | )
Total Purchase Price | $ | 8,000 |  |  | $ | 11,000 |  |  | $ | 40,000 |  |  | $ | 2,800 |  |  | $ | 6,150 |  |  | $ | 67,950 |
During 2013, the Company purchased two properties at a cost of $5.1 million and incurred acquisition costs of $106,000. Of the total purchase price, $2.0 million was allocated to buildings and $3.1 million was allocated to land. No amounts were allocated to in-place, above-market, or below-market leases. During 2012, the Company purchased two properties at an aggregate cost of $34.1 million and incurred acquisition costs of $1.1 million. Of the total purchase price, $3.8 million was allocated to buildings, $30.4 million was allocated to land, and $0.5 million was allocated to in-place leases and $0.7 million was allocated to below market leases which is included in deferred income and is being accreted to income over the lives of the underlying leases, which is approximately 3.1 years. The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2014 and 2013 was $24.0 million and $21.9 million, respectively, and accumulated amortization was $18.0 million and $16.7 million, respectively. Amortization expense totaled $1.3 million, $2.0 million and $2.0 million, for the years ended December 31, 2014, 2013, and 2012, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2014 and 2013 was $29.9 million and $24.8 million, respectively, and accumulated amortization was $11.9 million and $10.0 million, respectively. Accretion income totaled $1.9 million, $1.7 million, and $1.6 million, for the years ended December 31, 2014, 2013, and 2012, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2014 and 2013 was $1.0 million and $1.0 million, respectively, and accumulated amortization was $996,700 and $974,100, respectively. Amortization expense totaled $23,000, $45,000 and $60,000, for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands) | Lease acquisition costs |  | Above market leases |  | Below market leases
2015 | $ | 1,252 |  |  | $ | 2 |  |  | $ | 1,787 |
2016 | 988 |  |  | 1 |  |  | 1,722 |
2017 | 796 |  |  | 1 |  |  | 1,701 |
2018 | 737 |  |  | 1 |  |  | 1,617 |
2019 | 550 |  |  | — |  |  | 1,473 |
Thereafter | 1,739 |  |  | — |  |  | 9,670 |
Total | $ | 6,062 |  |  | $ | 5 |  |  | $ | 17,970 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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