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Deferred Costs, Acquired Lease Intangibles and Goodwill
 6 Months Ended
Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Costs, Acquired Lease Intangibles and Goodwill Deferred Costs, Acquired Lease Intangibles and Goodwill
Deferred costs, net, consisted of the following as of June 30, 2020 and December 31, 2019 (amounts in thousands):  
 
June 30, 2020
 
December 31, 2019
Leasing costs
$
201,987

 
$
199,033

Acquired in-place lease value and deferred leasing costs
187,724

 
200,296

Acquired above-market leases
44,717

 
49,213

 
434,428

 
448,542

Less: accumulated amortization
(223,072
)
 
(224,598
)
Total deferred costs, net, excluding net deferred financing costs
$
211,356

 
$
223,944


At December 31, 2019, $4.2 million of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheet. At June 30, 2020, $3.2 million net deferred financing costs associated with the unsecured revolving credit facility were included as a reduction of debt.
Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $6.4 million and $5.9 million for the three months ended June 30, 2020 and 2019, respectively, and $12.3 million and $12.1 million for the six months ended June 30, 2020 and 2019, respectively. Amortization expense related to acquired lease intangibles was $2.4 million and $2.6 million for the three months ended June 30, 2020 and 2019, respectively, and $4.4 million and $5.8 million for the six months ended June 30, 2020 and 2019, respectively.
Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2020 and December 31, 2019 (amounts in thousands):
 
June 30, 2020
 
December 31, 2019
Acquired below-market ground leases
$
396,916

 
$
396,916

Less: accumulated amortization
(48,265
)
 
(44,350
)
Acquired below-market ground leases, net
$
348,651

 
$
352,566


 
June 30, 2020
 
December 31, 2019
Acquired below-market leases
$
(83,813
)
 
$
(100,472
)
Less: accumulated amortization
48,643

 
60,793

Acquired below-market leases, net
$
(35,170
)
 
$
(39,679
)

Rental revenue related to the amortization of below-market leases, net of above-market leases, was $1.4 million and $1.7 million for the three months ended June 30, 2020 and 2019, respectively, and $2.3 million and $4.1 million for the six months ended June 30, 2020 and 2019, respectively.
As of June 30, 2020, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the observatory reportable segment and $264.0 million to the real estate segment.
During the second quarter 2020, the extended closure of our Observatory in compliance with state-mandated COVID-19 containment measures served as a triggering event for us to choose to perform an impairment test related to goodwill.  We engaged a third-party valuation consulting firm to perform the valuation process. Based upon the results of the goodwill impairment test of the stand-alone Observatory reporting unit, which is after the intercompany rent expense paid to Real Estate reporting unit, we determined that the fair value of the Observatory reporting unit exceeded its carrying value by less than 5.0%.  Many of the factors employed in determining whether or not goodwill is impaired are outside of our control and it is reasonably likely that assumptions and estimates will change in future periods.  We will continue to assess the impairment of Observatory reporting unit goodwill going forward and that continued assessment may again utilize a third-party valuation consulting firm.