Identified Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2015

Identified Intangible Assets and Liabilities [Abstract]

Identified Intangible Assets and Liabilities

9. Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily acquired in-place and above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2015 and December 31, 2014.

(Amounts in thousands)	Balance as of
	June 30, 2015		December 31, 2014
Identified intangible assets:
Gross amount	$	453,590	$	424,976
Accumulated amortization		(207,744)		(199,821)
Net	$	245,846	$	225,155
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	668,314	$	657,976
Accumulated amortization		(306,956)		(329,775)
Net	$	361,358	$	328,201

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in anincrease to rental income of $13,378,000and $8,522,000for the three months ended June 30, 2015 and 2014, respectively, and $25,828,000 and $18,234,000for the six months ended June 30, 2015 and 2014, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2016 is as follows:

(Amounts in thousands)
2016	$	51,912
2017		49,937
2018		48,654
2019		29,912
2020		21,681

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $5,309,000 and $6,940,000for the three months ended June 30, 2015 and 2014, respectively, and $11,494,000 and $15,831,000 for the six months ended June 30, 2015 and 2014, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2016 is as follows:

(Amounts in thousands)
2016	$	29,217
2017		24,385
2018		20,067
2019		14,246
2020		10,703

We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases resulted in anincrease to rent expense of $457,000for the three months ended June 30, 2015 and2014 and $916,000for the six months ended June 30, 2015 and 2014. Estimated annual amortization of these below-market leases, net of above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows:

(Amounts in thousands)
2016	$	1,832
2017		1,832
2018		1,832
2019		1,832
2020		1,832