Identified Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).

(Amounts in thousands)	Balance as of
	March 31, 2020			December 31, 2019
Identified intangible assets:
Gross amount	$	129,421		$	129,552
Accumulated amortization	(100,298		)	(98,587		)
Total, net	$	29,123		$	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	315,930		$	316,119
Accumulated amortization	(266,714		)	(262,580		)
Total, net	$	49,216		$	53,539

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $4,206,000 and $6,525,000 for the three months ended March 31, 2020 and 2019, 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, 2021 is as follows:

(Amounts in thousands)
2021	$	11,087
2022	9,061
2023	6,531
2024	2,787
2025	1,233

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,727,000 and $3,545,000 for the three months ended March 31, 2020 and 2019, 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, 2021 is as follows:

(Amounts in thousands)
2021	$	5,251
2022	3,538
2023	3,452
2024	2,838
2025	1,921