Acquired above-market (when we are a lessor) and below-market leases (when we are a lessee) are included in prepaid expenses and other assets and had a balance of $5,950,000 and $6,164,000 (net of accumulated amortization of $7,189,000 and $6,572,000, respectively) at December 31, 2022 and 2021, respectively. Acquired above-market (when we are lessee) and below-market (when we are lessor) leases are included in accounts payable and accrued liabilities and had a balance of $19,092,000 and $19,827,000 (net of accumulated amortization of $25,156,000 and $23,356,000, respectively) at December 31, 2022 and 2021, respectively. When we are a lessor, above-market and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental revenue over the remaining term of the associated lease in place at the time of purchase. When we are a lessee, above-market and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental expense over the remaining term of the associated lease in place at the time of purchase. Rental income included amortization from acquired leases of $1,184,000, $1,221,000 and $1,438,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Rent expense included amortization from acquired leases of $0, $31,000 and $97,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

In-place leases are included in prepaid expenses and other assets and had a balance of $68,064,000 and $60,928,000 (net of accumulated amortization of $27,155,000 and $21,435,000, respectively) at December 31, 2022 and 2021, respectively. The value associated with in-place leases and lease origination costs are amortized into depreciation and amortization expense over the remaining life of the lease. Depreciation and amortization expense included amortization from in-place leases of $5,721,000, $4,647,000 and $3,745,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

The amortization for acquired intangible assets during the next five years and thereafter, assuming no early lease terminations, is as follows:


As Lessor:	Above-Market Leases		Below-Market Leases		In-Place Leases
Year ending December 31,
2023	$	624,000	$	1,692,000	$	4,904,000
2024		610,000		1,692,000		4,836,000
2025		551,000		1,669,000		4,784,000
2026		551,000		1,581,000		4,713,000
2027		551,000		1,533,000		4,614,000
Thereafter		3,063,000		10,925,000		44,213,000
	$	5,950,000	$	19,092,000	$	68,064,000