Identified Intangible Assets and Liabilities

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



	December 31,
	2016			2015
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	44,595		$	37,595
Above-market leases - Accumulated Amortization	(13,579		)	(14,421		)
Below-market assumed mortgages (included in Debt, net)	1,671			1,671
Below-market assumed mortgages - Accumulated Amortization	(1,564		)	(1,307		)
In place leases (included in Unamortized Lease Costs, net)	232,528			148,904
In place leases - Accumulated Amortization	(82,571		)	(67,762		)
	$	181,080		$	104,680
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	110,878		$	50,370
Below-market leases - Accumulated Amortization	(23,109		)	(22,080		)
Above-market assumed mortgages (included in Debt, net)	10,375			32,777
Above-market assumed mortgages - Accumulated Amortization	(5,186		)	(27,272		)
	$	92,958		$	33,795

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 (decreased) rental revenues by $2.1 million, $(.5) million and $(1.7) million in 2016, 2015 and 2014, respectively. The significant year over year change in rental revenues in 2016 to 2015 is primarily due to acquisitions during 2016. 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):



2017	$	3,044
2018	2,963
2019	3,346
2020	3,403
2021	3,315

The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $18.0 million, $12.3 million and $12.0 million in 2016, 2015 and 2014, respectively. The significant year over year change in depreciation and amortization from 2016 to 2015 is primarily due to acquisitions during 2016. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands):



2017	$	19,789
2018	17,539
2019	15,291
2020	14,081
2021	11,930

The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $1.0 million, $.7 million and $1.0 million in 2016, 2015 and 2014, 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):



2017	$	1,100
2018	1,207
2019	1,207
2020	436
2021	287