Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following summarizes our acquired intangible assets (real estate intangibles, comprised of acquired in-place lease value and tenant relationship value along with acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2019 and 2018.

	Balance as of
(Amounts in thousands)	December 31, 2019		December 31, 2018
Real Estate Intangibles:
Acquired in-place lease value:
Gross amount	$	1,357,190	$	1,569,401
Accumulated amortization		(899,071)		(795,033)
Net	$	458,119	$	774,368
Tenant relationship value:
Gross amount	$	1,845,949	$	2,339,606
Accumulated amortization		(400,570)		(291,818)
Net	$	1,445,379	$	2,047,788
Acquired above-market leases:
Gross amount	$	279,048	$	277,796
Accumulated amortization		(204,233)		(158,037)
Net	$	74,815	$	119,759
Acquired below-market leases:
Gross amount	$	396,509	$	442,535
Accumulated amortization		(247,735)		(242,422)
Net	$	148,774	$	200,113

Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in a decrease in rental revenues of $(17.1) million, $(27.3) million and $(2.2) million for the years ended December 31, 2019, 2018 and 2017, respectively. The expected average remaining lives for acquired below-market leases and acquired above-market leases was 8.0 years and 2.5 years, respectively, as of December 31, 2019. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows:

(Amounts in thousands)
2020	$	(10,648)
2021		(3,501)
2022		4,735
2023		9,500
2024		10,149
Thereafter		63,724
Total	$	73,959

Amortization of acquired in-place lease value (a component of depreciation and amortization expense) was $143.0 million, $211.0 million and $101.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The expected average amortization period for acquired in-place lease value was 5.8 years as of December 31, 2019. The weighted average remaining contractual life for acquired leases excluding renewals or extensions was 5.5 years as of

December 31, 2019. Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows:

(Amounts in thousands)
2020	$	98,875
2021		78,329
2022		58,621
2023		47,449
2024		40,217
Thereafter		134,628
Total	$	458,119

Amortization of tenant relationship value (a component of depreciation and amortization expense) was approximately $128.4 million, $123.5 million and $85.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the weighted average remaining contractual life for tenant relationship value was 13.0 years. Estimated annual amortization of tenant relationship value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows:

(Amounts in thousands)
2020	$	116,673
2021		116,673
2022		116,673
2023		116,673
2024		116,673
Thereafter		862,014
Total	$	1,445,379