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Real Estate Acquired | 12 Months Ended
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Dec. 31, 2016
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. 700, 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. In August 2016, the Company purchased for $7.2 million, including acquisition costs, 700 N. Glebe Road. These properties are contiguous and are located in Arlington, Virginia. 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. Thruway pad In August 2016, the Company purchased for $3.1 million, a retail pad site with an occupied bank building in Winston Salem, North Carolina, and incurred acquisition costs of $60,000. The property is contiguous with and an expansion of the Company's Thruway asset. Beacon Center In the fourth quarter of 2016, the Company purchased for $22.5 million the land underlying Beacon Center. The land was previously leased by the Company with an annual rent of approximately $60,000. The purchase price was funded in part by an $11.25 million increase to the existing mortgage collateralized by Beacon Center and in part by the Company’s revolving credit facility. Southdale In the fourth quarter of 2016, the Company purchased for $15.0 million the land underlying Southdale. The land was previously leased by the Company with an annual rent of approximately $60,000. The purchase price was funded by the Company’s revolving credit facility. 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 2016, the Company purchased two properties at an aggregate cost of $10.3 million, and incurred acquisition costs totaling $60,400. The purchase price was allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table.
(in thousands) | 700 N. Glebe Road |  | Thruway Pad |  | Total
Land | $ | 7,236 |  |  | $ | 2,196 |  |  | $ | 9,432 |
Buildings | — |  |  | 874 |  |  | 874 |
In-place Leases | — |  |  | 93 |  |  | 93 |
Above Market Rent | — |  |  | — |  |  | — |
Below Market Rent | — |  |  | (63 | ) |  | (63 | )
Total Purchase Price | $ | 7,236 |  |  | $ | 3,100 |  |  | $ | 10,336 |
During 2015, the Company purchased one property, 726 N. Glebe Road, 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 |
The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2016 and 2015 was $24.1 million and $24.0 million, respectively, and accumulated amortization was $20.5 million and $19.2 million, respectively. Amortization expense totaled $1.2 million, $1.3 million and $1.3 million, for the years ended December 31, 2016, 2015, and 2014, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2016 and 2015 was $29.9 million and $29.9 million, respectively, and accumulated amortization was $15.5 million and $13.7 million, respectively. Accretion income totaled $1.8 million, $1.8 million, and $1.9 million, for the years ended December 31, 2016, 2015, and 2014, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2016 and 2015 was $1.0 million and $1.0 million, respectively, and accumulated amortization was $999,700 and $998,200, respectively. Amortization expense totaled $1,500, $1,500 and $22,500, for the years ended December 31, 2016, 2015 and 2014, respectively. The remaining weighted-average amortization period as of December 31, 2016 is 3.5 years, 1.0 year, and 5.9 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2016, 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
2017 | $ | 762 |  |  | $ | 1 |  |  | $ | 1,677 |
2018 | 708 |  |  | 1 |  |  | 1,618 |
2019 | 537 |  |  | — |  |  | 1,481 |
2020 | 419 |  |  | — |  |  | 1,399 |
2021 | 384 |  |  | — |  |  | 1,375 |
Thereafter | 840 |  |  | — |  |  | 6,887 |
Total | $ | 3,650 |  |  | $ | 2 |  |  | $ | 14,437 |

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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 FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=68051746&loc=d3e18551-111553 Reference 2: 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=68051746&loc=d3e18511-111553 Reference 3: 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=65884687&loc=d3e4437-111522 Reference 4: 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 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: 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 9: 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(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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