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IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 31, 2016
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 and below-market leases) and liabilities (acquired below-market leases), net of accumulated amortization were $33.3 million and $153.0 million as of March 31, 2016, respectively, and $34.0 million and $154.9 million as of December 31, 2015, respectively. Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $1.9 million and $2.0 million for the quarters ended March 31, 2016 and 2015, 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, 2017 is as follows:
(Amounts in thousands) |
2017 | $ | 7,448 |
2018 | 7,227 |
2019 | 7,204 |
2020 | 7,211 |
2021 | 7,182 |
Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $0.4 million for each of the quarters ended March 31, 2016 and 2015. Estimated annual amortization of these identified intangible assets for each of the five succeeding years commencing January 1, 2017 is as follows:
(Amounts in thousands) |
2017 | $ | 1,523 |
2018 | 1,341 |
2019 | 1,220 |
2020 | 1,177 |
2021 | 1,078 |
Certain of the shopping centers were acquired subject to ground leases or ground and building leases. Amortization of these acquired below-market leases resulted in additional rent expense of $0.2 million for each of the quarters ended March 31, 2016 and 2015. Estimated annual amortization of these below-market leases for each of the five succeeding years commencing January 1, 2017 is as follows:
(Amounts in thousands) |
2017 | $ | 972 |
2018 | 972 |
2019 | 972 |
2020 | 972 |
2021 | 622 |

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