Identified Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).



(Amounts in thousands)	Balance as of
	June 30, 2020			December 31, 2019
Identified intangible assets:
Gross amount	$	125,149		$	129,552
Accumulated amortization	(97,489		)	(98,587		)
Total, net	$	27,660		$	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	293,008		$	316,119
Accumulated amortization	(249,106		)	(262,580		)
Total, net	$	43,902		$	53,539

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $5,200,000 and $4,643,000 for the three months ended June 30, 2020 and 2019, respectively, and $9,406,000 and $11,168,000 for the six months ended June 30, 2020 and 2019, 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, 2021 is as follows:



(Amounts in thousands)
2021	$	10,780
2022	9,429
2023	6,900
2024	3,155
2025	1,602

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,354,000 and $1,935,000 for the three months ended June 30, 2020 and 2019, respectively, and $3,081,000 and $5,480,000 for the six months ended June 30, 2020 and 2019, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2021 is as follows:



(Amounts in thousands)
2021	$	4,377
2022	3,893
2023	3,807
2024	3,193
2025	2,277