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IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2020
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 $59.8 million and $130.8 million, respectively, as of March 31, 2020 and $48.1 million and $128.8 million, respectively, as of December 31, 2019.

Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $2.2 million for the three months ended March 31, 2020 and $2.4 million for the same period in 2019.
 
Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.0 million for the three months ended March 31, 2020, and $2.1 million for the same period in 2019.

The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2020 and the five succeeding years:
(Amounts in thousands)
 
Below-Market
 
Above-Market
 
 
Year
 
Operating Lease Amortization
 
Operating Lease Amortization
 
In-Place Leases
2020(1)
 
$
7,367

 
$
(778
)
 
$
(6,565
)
2021
 
9,703

 
(860
)
 
(7,612
)
2022
 
9,627

 
(495
)
 
(6,005
)
2023
 
9,575

 
(386
)
 
(4,859
)
2024
 
9,339

 
(321
)
 
(4,366
)
2025
 
9,167

 
(142
)
 
(3,732
)
(1) Remainder of 2020.