IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

Our identified intangible assets (acquired in-place and above-market leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $68.9 million and $97.3 million, respectively, as of June 30, 2022 and $71.1 million and $100.6 million, respectively, as of December 31, 2021.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $1.5 million and $3.5 million for the three and six months ended June 30, 2022, respectively, and $2.3 million and $4.8 million for the same periods in 2021.

Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.8 million and $5.5 million for the three and six months ended June 30, 2022, respectively, and $1.8 million and $3.9 million for the same periods in 2021.

The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2022 and the five succeeding years:

(Amounts in thousands)	Below-Market		Above-Market		In-Place Lease
Year	Operating Lease Amortization		Operating Lease Amortization		Amortization
2022(1)	$	3,901	$	(721)	$	(4,978)
2023	7,719		(1,081)		(9,097)
2024	7,483		(920)		(7,870)
2025	7,302		(725)		(6,454)
2026	6,923		(606)		(5,706)
2027	6,629		(458)		(5,119)

(1) Remainder of 2022.