Acquired Intangible Assets and Liabilities

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



	Balance as of
(Amounts in thousands)	June 30, 2015			December 31, 2014
Acquired in-place lease value:
Gross amount	$	657,024		$	680,419
Accumulated amortization	(451,744		)	(452,739		)
Net	$	205,280		$	227,680
Acquired above-market leases:
Gross amount	$	120,553		$	126,677
Accumulated amortization	(86,617		)	(88,072		)
Net	$	33,936		$	38,605
Acquired below-market leases:
Gross amount	$	280,090		$	282,670
Accumulated amortization	(185,778		)	(178,435		)
Net	$	94,312		$	104,235

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $2.4 million and $2.6 million for the three months ended June 30, 2015 and 2014, respectively, and $4.7 million and $5.3 million for the six months ended June 30, 2015 and 2014, respectively. The expected average remaining lives for acquired below-market leases and acquired above-market leases is 5.9 years and 3.5 years, respectively, as of June 30, 2015. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years and thereafter, commencing July 1, 2015 is as follows:



(Amounts in thousands)
Remainder of 2015	$	4,296
2016	7,485
2017	6,054
2018	4,443
2019	4,545
Thereafter	33,553
Total	$	60,376

Amortization of acquired in-place lease value (a component of depreciation and amortization expense) was $10.5 million and $18.4 million for the three months ended June 30, 2015 and 2014, respectively, and $22.1 million and $33.4 million for the six months ended June 30, 2015 and 2014, respectively. The expected average amortization period for acquired in-place lease value is 6.0 years as of June 30, 2015. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 4.6 years as of June 30, 2015. Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing July 1, 2015 is as follows:



(Amounts in thousands)
Remainder of 2015	$	18,617
2016	32,302
2017	27,768
2018	25,455
2019	22,932
Thereafter	78,206
Total	$	205,280