The deferred gain adjusted the basis of the new asset so that it is lower than the actual value.  When it is sold the lower basis will mean a larger gain is recognized.  

But you may want to check to see if the property given up in the exchange was in a different state than the properties acquired.  Due to claw back provisions, many states require an annual filing showing that you haven't sold the new property because when it is sold they are entitled to the tax on the deferred gain.