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 $31.5 million and $148.9 million as of September 30, 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 $2.2 million and $6.0 million for the three and nine months ended September 30, 2016 and $2.0 million and $6.1 million for the same periods in 2015, respectively.

Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $0.8 million and $1.6 million for the three and nine months ended September 30, 2016, respectively and $0.4 million and $1.2 million for the same periods in 2015, respectively.

Certain 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 and $0.7 million for the three and nine months ended September 30, 2016 and 2015, respectively.

The following table sets forth the estimated annual amortization expense related to intangible assets and liabilities for the five succeeding years commencing January 1, 2017:



(Amounts in thousands)	Below-Market				Below-Market
Year	Operating Leases⁽¹⁾		In-Place Leases⁽²⁾		Ground Leases
2017	$	7,419	$	1,482	$	972
2018	7,198		1,300		972
2019	7,175		1,179		972
2020	7,182		1,136		972
2021	7,153		1,037		622

⁽¹⁾ Estimated annual amortization of acquired below-market leases, net of acquired above-market leases.

⁽²⁾ Estimated annual amortization of acquired in-place leases and customer relationships.