Identified Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of September 30, 2019 and December 31, 2018.



(Amounts in thousands)	Balance as of
	September 30, 2019			December 31, 2018
Identified intangible assets:
Gross amount	$	130,396		$	308,895
Accumulated amortization	(99,623		)	(172,114		)
Total, net	$	30,773		$	136,781
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	321,838		$	503,373
Accumulated amortization	(265,388		)	(341,779		)
Total, net	$	56,450		$	161,594

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $4,393,000 and $10,373,000 for the three months ended September 30, 2019 and 2018, respectively, and $15,561,000 and $31,480,000 for the nine months ended September 30, 2019 and 2018, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	16,643
2021	11,934
2022	8,792
2023	6,261
2024	2,518

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,597,000 and $4,822,000 for the three months ended September 30, 2019 and 2018, respectively, and $7,077,000 and $14,557,000 for the nine months ended September 30, 2019 and 2018, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	6,300
2021	4,763
2022	3,050
2023	2,964
2024	2,351