Identified Intangible Assets And Liabilities

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Identified Intangible Assets And Liabilities

Identified Intangible Assets and Liabilities

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

	December 31,
	2019			2018
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	23,830		$	38,181
Above-market leases - Accumulated Amortization	(12,145		)	(19,617		)
In place leases (included in Unamortized Lease Costs, net)	196,207			193,658
In place leases - Accumulated Amortization	(92,918		)	(99,352		)
	$	114,974		$	112,870
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	95,240		$	85,742
Below-market leases - Accumulated Amortization	(32,326		)	(27,745		)
Above-market assumed mortgages (included in Debt, net)	3,446			3,446
Above-market assumed mortgages - Accumulated Amortization	(1,987		)	(1,660		)
	$	64,373		$	59,783

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 $4.6 million, $12.8 million and $3.7 million in 2019, 2018 and 2017, respectively. The significant year over year change in rental revenues in 2019 to 2018 is primarily due to a write-off of a below-market lease intangible from the termination of a tenant's lease in 2018. 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):

2020	$	4,883
2021	4,604
2022	4,255
2023	4,141
2024	4,048

The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $14.9 million, $29.8 million and $21.0 million in 2019, 2018 and 2017, respectively. The significant year over year change in depreciation and amortization from 2019 to 2018 is primarily due to the write-off of in-place lease intangibles from the termination of tenant leases in 2018. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands):

2020	$	15,762
2021	13,512
2022	11,118
2023	9,351
2024	7,926

The net amortization of above-market assumed mortgages decreased net interest expense by $.3 million, $.7 million and $1.1 million in 2019, 2018 and 2017, respectively. The estimated net amortization of these intangible liabilities will decrease net interest expense for each of the next five years as follows (in thousands):

2020	$	327
2021	287
2022	141
2023	136
2024	136

The following table details the identified intangible assets and liabilities and the remaining weighted-average amortization period associated with our asset acquisitions in 2019 as follows:

Identified intangible assets and liabilities subject to amortization (in thousands):
Assets:
In place leases	$	30,253
Above-market leases	1,323
Liabilities:
Below-market leases	13,762
Identified intangible assets and liabilities remaining weighted-average amortization period (in years):
Assets:
In place leases	11.0
Above-market leases	7.2
Liabilities:
Below-market leases	13.5