Identified Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2021

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, 2021		December 31, 2020
Identified intangible assets:
Gross amount	$	112,534	$	116,969
Accumulated amortization	(91,187)		(93,113)
Total, net	$	21,347	$	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	237,388	$	273,902
Accumulated amortization	(207,941)		(238,541)
Total, net	$	29,447	$	35,361

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $2,551,000 and $5,200,000 for the three months ended June 30, 2021 and 2020, respectively, and $5,717,000 and $9,406,000 for the six months ended June 30, 2021 and 2020, 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, 2022 is as follows:

(Amounts in thousands)
2022	$	9,149
2023	6,654
2024	2,906
2025	1,478
2026	818

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $985,000 and $1,354,000 for the three months ended June 30, 2021 and 2020, respectively, and $2,311,000 and $3,081,000 for the six months ended June 30, 2021 and 2020, 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, 2022 is as follows:

(Amounts in thousands)
2022	$	3,706
2023	3,624
2024	3,010
2025	2,136
2026	1,984