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Real Estate and Intangible Assets | 3 Months Ended
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Mar. 31, 2017
Real Estate [Abstract] |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of March 31, 2017 and December 31, 2016, respectively, excluding real estate held for sale as of March 31, 2017 and December 31, 2016, respectively (dollars in thousands):
|  | March 31, 2017 |  | December 31, 2016
Real estate: |  |  |  |
Land |  | $ | 104,337 |  |  | $ | 104,719 |
Building and improvements |  | 663,262 |  |  | 662,661 |
Tenant improvements |  | 54,322 |  |  | 54,369 |
Accumulated depreciation |  | (138,070 | ) |  | (131,661 | )
Real estate, net |  | $ | 683,851 |  |  | $ | 690,088 |
Real estate depreciation expense on building and tenant improvements was $6.4 million and $5.9 million for the three months ended March 31, 2017 and 2016, respectively. Significant Real Estate Activity on Existing Assets During the three months ended March 31, 2017 and 2016, we executed zero and one lease, respectively, which is aggregated below (dollars in thousands):
Three Months Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Annualized GAAP Rent |  | Aggregate Tenant Improvement |  | Aggregate Leasing Commissions
March 31, 2016 |  | 13,816 |  |  | 7.2 years |  | 70 |  |  | 69 |  |  | 28 |
Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of March 31, 2017 and December 31, 2016, excluding real estate held for sale as of March 31, 2017 and December 31, 2016, respectively (in thousands):
|  | March 31, 2017 |  | December 31, 2016
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 71,391 |  |  | $ | (29,782 | ) |  | $ | 71,482 |  |  | $ | (28,182 | )
Leasing costs |  | 48,162 |  |  | (19,669 | ) |  | 48,000 |  |  | (18,599 | )
Customer relationships |  | 50,201 |  |  | (18,228 | ) |  | 50,252 |  |  | (17,400 | )
|  | $ | 169,754 |  |  | $ | (67,679 | ) |  | $ | 169,734 |  |  | $ | (64,181 | )
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 10,479 |  |  | $ | (7,420 | ) |  | $ | 10,479 |  |  | $ | (7,296 | )
Below market leases and deferred revenue |  | (21,606 | ) |  | 9,290 |  |  | (21,606 | ) |  | 8,959 |
|  | $ | (11,127 | ) |  | $ | 1,870 |  |  | $ | (11,127 | ) |  | $ | 1,663 |
Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $3.5 million and $3.3 million for the three months ended March 31, 2017 and 2016, respectively, and is included in depreciation and amortization expense in the condensed consolidated statement of operations. Total amortization related to above-market lease values was $0.1 million for both the three months ended March 31, 2017 and 2016, respectively, and is included in rental revenue in the condensed consolidated statement of operations. Total amortization related to below-market lease values was $0.3 million and $0.2 million for the three months ended March 31, 2017 and 2016, respectively, and is included in rental revenue in the condensed consolidated statement of operations.

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