Identified Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

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, 2023		December 31, 2022
Identified intangible assets:
Gross amount	$	237,777	$	237,777
Accumulated amortization	(103,094)		(98,139)
Total, net	$	134,683	$	139,638
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	244,396	$	244,396
Accumulated amortization	(212,300)		(208,592)
Total, net	$	32,096	$	35,804

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $1,360,000 and $1,487,000 for the three months ended June 30, 2023 and 2022, respectively, and $2,727,000 and $2,404,000 for the six months ended June 30, 2023 and 2022. Estimated annual amortization for each of the five succeeding years commencing January 1, 2024 is below:

(Amounts in thousands)
2024	$	2,352
2025	941
2026	299
2027	(148)
2028	(43)

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,985,000 and $2,417,000 for the three months ended June 30, 2023 and 2022, respectively, and $3,972,000 and $6,542,000 for the six months ended June 30, 2023 and 2022. Estimated annual amortization for each of the five succeeding years commencing January 1, 2024 is below:

(Amounts in thousands)
2024	$	7,128
2025	6,078
2026	5,884
2027	5,449
2028	4,290