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Real Estate Acquired
 12 Months Ended
Dec. 31, 2015
Real Estate [Abstract]  
Real Estate Acquired
REAL ESTATE ACQUIRED
1580, 1582 and 1584 Rockville Pike
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 the Company's property at 1500 Rockville Pike and are located in Rockville, Maryland.
726, 730 and 750 N. 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. In September 2015, the Company purchased for $4.0 million 726 N. Glebe Road and incurred acquisition costs of $0.1 million. These retail properties are contiguous and are located in Arlington, Virginia.
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 $0.1 million.
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.
Westview pad
In February 2015, the Company purchased for $0.9 million including acquisition costs, a 1.1 acre retail pad site in Frederick, Maryland, which is contiguous with and an expansion of the Company's other Westview 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 2015, the Company purchased one property at a cost of $4.0 million and incurred acquisition costs of $0.1 million. Of the total purchase price, $3.9 million was allocated to land and $0.1 million was allocated to building. No amounts were allocated to in-place, above-market or below-market leases.
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.
The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2015 and 2014 was $24.0 million and $24.0 million, respectively, and accumulated amortization was $19.2 million and $18.0 million, respectively. Amortization expense totaled $1.3 million, $1.3 million and $2.0 million, for the years ended December 31, 2015, 2014, and 2013, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2015 and 2014 was $29.9 million and $29.9 million, respectively, and accumulated amortization was $13.7 million and $11.9 million, respectively. Accretion income totaled $1.8 million, $1.9 million, and $1.7 million, for the years ended December 31, 2015, 2014, and 2013, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2015 and 2014 was $1.0 million and $1.0 million, respectively, and accumulated amortization was $998,200 and $996,700, respectively. Amortization expense totaled $2,000, $23,000 and $45,000, for the years ended December 31, 2015, 2014 and 2013, respectively.
As of December 31, 2015, 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
2016
$
988

 
$
2

 
$
1,719

2017
796

 
1

 
1,697

2018
737

 
1

 
1,615

2019
550

 
—

 
1,478

2020
417

 
—

 
1,397

Thereafter
1,322

 
—

 
8,236

Total
$
4,810

 
$
4

 
$
16,142