3. 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, 2018						December 31, 2017
		Gross						Gross
		Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
	Useful Lives	Value		Amortization		Value		Value		Amortization		Value
Customer Relationships	1 to 12 years	$	95,705	$	(24,486)	$	71,219	$	95,705	$	(20,512)	$	75,193
In-Place Leases	0.5 to 10 years		32,066		(15,419)		16,647		32,066		(12,987)		19,079
Solar Power Agreement (1)	17 years		13,747		(3,235)		10,512		13,747		(2,830)		10,917
Platform Intangible	3 years		9,600		(9,600)		—		9,600		(8,133)		1,467
Acquired Favorable Leases	0.5 to 8 years		4,649		(2,825)		1,824		4,649		(2,328)		2,321
Tradenames	3 years		3,100		(3,100)		—		3,100		(2,626)		474
Total Intangible Assets		$	158,867	$	(58,665)	$	100,202	$	158,867	$	(49,416)	$	109,451

Solar Power Agreement (1)	17 years		13,747		(3,235)		10,512		13,747		(2,830)		10,917
Acquired Unfavorable Leases
Acquired below market leases - as Lessor	3 to 4 years		809		(493)		316		809		(375)		434
Acquired above market leases - as Lessee	11 to 12 years		2,453		(658)		1,795		2,453		(550)		1,903
Total Intangible Liabilities (2)		$	17,009	$	(4,386)	$	12,623	$	17,009	$	(3,755)	$	13,254

(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 $0.1 million and $0.2 million for the three months ended June 30, 2018 and 2017, respectively. The net effect of amortization of acquired above‑market and below‑market leases resulted in a net decrease in rental revenue of $0.3 million and $0.5 million for the six months ended June 30, 2018 and 2017, 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		Rental Expense
	Decreases		Decreases
2018 (July - December)	$	302	$	108
2019		479		216
2020		647		216
2021		46		216
2022		17		216
Thereafter		17		823
Total	$	1,508	$	1,795

Net amortization of all other identified intangible assets and liabilities was $4.3 million and $4.6 million for the three months ended June 30, 2018 and 2017, respectively. Net amortization of all other identified intangible assets and liabilities was $8.3 million and $9.3 million for the six months ended June 30, 2018 and 2017, 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):


2018 (July - December)	$	6,226
2019		11,965
2020		11,379
2021		10,137
2022		9,910
Thereafter		38,249
Total	$	87,866