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 March 31, 2015 and December 31, 2014.



	Balance as of
(Amounts in thousands)	March 31, 2015			December 31, 2014
Acquired in-place lease value:
Gross amount	$	674,243		$	680,419
Accumulated amortization	(463,049		)	(452,739		)
Net	$	211,194		$	227,680
Acquired above-market leases:
Gross amount	$	122,301		$	126,677
Accumulated amortization	(87,544		)	(88,072		)
Net	$	34,757		$	38,605
Acquired below-market leases:
Gross amount	$	278,360		$	282,670
Accumulated amortization	(181,126		)	(178,435		)
Net	$	97,234		$	104,235

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $2.3 million and $2.8 million for the three months ended March 31, 2015 and 2014, respectively. The expected average remaining lives for acquired below-market leases and acquired above-market leases is 6.0 years and 3.7 years, respectively, as of March 31, 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 April 1, 2015 is as follows:



(Amounts in thousands)
Remainder of 2015	$	6,693
2016	7,579
2017	6,182
2018	4,574
2019	4,632
Thereafter	32,817
Total	$	62,477

Amortization of acquired in-place lease value (a component of depreciation and amortization expense) was $11.6 million and $15.1 million for the three months ended March 31, 2015 and 2014, respectively. The expected average amortization period for acquired in-place lease value is 5.9 years as of March 31, 2015. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 4.6 years as of March 31, 2015. Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing April 1, 2015 is as follows:



(Amounts in thousands)
Remainder of 2015	$	28,812
2016	31,822
2017	27,223
2018	24,904
2019	22,416
Thereafter	76,017
Total	$	211,194