8.Intangible Assets and Liabilities

The following summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2016 and 2015.

	The Company
	As of December 31,
(Amounts in thousands)	2016			2015
Intangible assets:
Gross amount	$	579,066		$	655,194
Accumulated amortization		(166,841	)		(143,987	)
	$	412,225		$	511,207
Intangible liabilities:
Gross amount	$	208,367		$	221,672
Accumulated amortization		(55,349	)		(41,931	)
	$	153,018		$	179,741

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $9,536,000 and $9,917,000 for the years ended December 31, 2016 and 2015, respectively, and $467,000 for the period from November 24, 2014 to December 31, 2014. The years ended December 31, 2016 and 2015 include $10,315,000 and $3,915,000 of income, respectively, from the accelerated amortization of a below-market lease liability in connection with a tenant’s lease modification and $12,183,000 of expense in the year ended December 31, 2016, from the write-off of above-market lease assets in connection with certain lease terminations. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows.

(Amounts in thousands)	The Company
2017	$	15,450
2018		14,056
2019		12,124
2020		9,672
2021		4,505

Amortization of acquired in-place leases (a component of depreciation and amortization expense) was $94,935,000 and $128,603,000 for the years ended December 31, 2016 and 2015, respectively, and $17,260,000 for the period from November 24, 2014 to December 31, 2014. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2017 is as follows.

(Amounts in thousands)	The Company
2017	$	64,157
2018		54,774
2019		48,184
2020		41,073
2021		28,268