Identified Intangible Assets and Liabilities

Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands):



	December 31,
	2012			2011
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	16,142		$	17,342
Above-market leases - Accumulated Amortization	(8,413		)	(11,587		)
Below-market assumed mortgages (included in Debt, net)	5,722			5,722
Below-market assumed mortgages - Accumulated Amortization	(2,367		)	(1,762		)
Valuation of in place leases (included in Unamortized Debt and Lease Costs, net)	104,353			74,361
Valuation of in place leases - Accumulated Amortization	(39,665		)	(38,842		)
	$	75,772		$	45,234
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	36,517		$	39,399
Below-market leases - Accumulated Amortization	(17,533		)	(26,013		)
Above-market assumed mortgages (included in Debt, net)	42,708			45,670
Above-market assumed mortgages - Accumulated Amortization	(29,176		)	(31,597		)
	$	32,516		$	27,459

These identified intangible assets and liabilities are amortized over the applicable lease terms or the remaining lives of the assumed mortgages, as applicable.

The net amortization of above-market and below-market leases increased rental revenues by $.8 million, $1.5 million and $1.7 million in 2012, 2011 and 2010, respectively. The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands):



2013	$	482
2014	311
2015	301
2016	340
2017	672

The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $7.8 million, $6.2 million and $5.9 million in 2012, 2011 and 2010, respectively. The estimated amortization of this intangible asset will increase depreciation and amortization for each of the next five years as follows (in thousands):



2013	$	10,751
2014	10,458
2015	8,496
2016	5,936
2017	5,325

The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $2.7 million, $2.2 million and $3.1 million in 2012, 2011 and 2010, respectively. The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands):



2013	$	1,283
2014	1,318
2015	927
2016	509
2017	630