4. Acquired Intangible Assets and Liabilities

Summarized below are the carrying values for the major classes of intangible assets and liabilities (unaudited and in thousands):


		June 30, 2017						December 31, 2016
	Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer Relationships	1 to 12 years	$	95,705	$	(16,485)	$	79,220	$	95,705	$	(12,358)	$	83,347
In-Place Leases	0.5 to 10 years		32,066		(10,213)		21,853		32,066		(7,197)		24,869
Solar Power Agreement (1)	17 years		13,747		(2,426)		11,321		13,747		(2,022)		11,725
Platform Intangible	3 years		9,600		(6,533)		3,067		9,600		(4,933)		4,667
Acquired Favorable Leases	0.5 to 8 years		4,649		(1,716)		2,933		4,652		(1,013)		3,639
Tradenames	3 years		3,100		(2,110)		990		3,100		(1,593)		1,507
Total Intangible Assets		$	158,867	$	(39,483)	$	119,384	$	158,870	$	(29,116)	$	129,754

Solar Power Agreement (1)	17 years		13,747		(2,426)		11,321		13,747		(2,022)		11,725
Acquired Unfavorable Leases
Acquired below market leases - as Lessor	3 to 4 years		809		(256)		553		809		(138)		671
Acquired above market leases - as Lessee	11 to 12 years		2,453		(442)		2,011		2,453		(334)		2,119
Total Intangible Liabilities (2)		$	17,009	$	(3,124)	$	13,885	$	17,009	$	(2,494)	$	14,515

(1)

Amortization related to the Solar Power Agreement asset and liability is recorded at the same rate and therefore has no net impact on the statement of operations.

(2)

Intangible liabilities are included within the “Advance rents, security deposits and other liabilities” line item of the consolidated balance sheets.

Above or below market leases are amortized as a reduction to or increase in rental revenue as well as a reduction to rent expense in the case of the Company as lessee over the remaining lease terms. The net effect of amortization of acquired above‑market and below‑market leases resulted in a net decrease in rental revenue of $0.2 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively. The net effect of amortization of acquired above‑market and below‑market leases resulted in a net decrease in rental revenue of $0.5 million and less than $0.1 million for the six months ended June 30, 2017 and 2016, respectively. The estimated amortization of acquired favorable and unfavorable leases for each of the five succeeding fiscal years ending December 31 is as follows (unaudited and in thousands):


	Net Rental Revenue Decreases		Rental Expense Decreases
2017 (July - December)	$	493	$	108
2018		682		216
2019		479		216
2020		647		216
2021		46		216
Thereafter		33		1,039
Total	$	2,380	$	2,011

Net amortization of all other identified intangible assets and liabilities was $4.6 million and $4.1 million for the three months ended June 30, 2017 and 2016, respectively. Net amortization of all other identified intangible assets and liabilities was $9.3 million and $8.6 million for the six months ended June 30, 2017 and 2016, respectively. The estimated net amortization of all other identified intangible assets and liabilities for each of the five succeeding fiscal years ending December 31 is as follows (unaudited and in thousands):


2017 (July - December)	$	8,916
2018		14,574
2019		11,965
2020		11,379
2021		10,137
Thereafter		48,159
Total	$	105,130