v3.3.1.900
Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
he following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, in-place leases and below-market ground lease obligation) and intangible liabilities (acquired value of below-market operating leases and above-market ground lease obligation) as of December 31, 2015 and 2014:

 
December 31, 2015
 
December 31, 2014
 
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:(1)
 
 
 
Deferred leasing costs
$
205,888

 
$
216,102

Accumulated amortization
(72,745
)
 
(74,904
)
Deferred leasing costs, net
133,143

 
141,198

Above-market operating leases
10,989

 
20,734

Accumulated amortization
(6,739
)
 
(13,952
)
Above-market operating leases, net
4,250

 
6,782

In-place leases
72,639

 
97,250

Accumulated amortization
(33,810
)
 
(43,773
)
In-place leases, net
38,829

 
53,477

Below-market ground lease obligation
490

 
490

Accumulated amortization
(29
)
 
(21
)
Below-market ground lease obligation, net
461

 
469

Total deferred leasing costs and acquisition-related intangible assets, net
$
176,683

 
$
201,926

Acquisition-related Intangible Liabilities, net: (2)
 
 
 
Below-market operating leases
$
53,502

 
$
68,051

Accumulated amortization
(27,074
)
 
(30,620
)
Below-market operating leases, net
26,428

 
37,431

Above-market ground lease obligation
6,320

 
6,320

Accumulated amortization
(424
)
 
(324
)
Above-market ground lease obligation, net
5,896

 
5,996

Total acquisition-related intangible liabilities, net
$
32,324

 
$
43,427

_______________
(1)
Excludes deferred leasing costs and acquisition-related intangible assets, net related to properties held for sale as of December 31, 2015.
(2)
Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets.

The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2015, 2014 and 2013, including amounts attributable to discontinued operations for the years ended December 31, 2014 and 2013.
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(in thousands)
Deferred leasing costs (1)
$
27,866

 
$
27,555

 
$
25,902

Above-market operating leases (2)
2,532

 
5,303

 
5,664

In-place leases (1)
14,622

 
21,628

 
29,363

Below-market ground lease obligation (3)
8

 
8

 
8

Below-market operating leases (4)
(10,980
)
 
(13,238
)
 
(13,441
)
Above-market ground lease obligation (5)
(101
)
 
(101
)
 
(101
)
Total
$
33,947

 
$
41,155

 
$
47,395

_______________
(1)
The amortization of deferred leasing costs and in-place leases is recorded to depreciation and amortization expense and the amortization of lease incentives is recorded as a reduction to rental income in the consolidated statements of operations for the periods presented.
(2)
The amortization of above-market operating leases is recorded as a decrease to rental income in the consolidated statements of operations for the periods presented.
(3)
The amortization of the below-market ground lease obligation is recorded as an increase to ground lease expense in the consolidated statements of operations for the periods presented.
(4)
The amortization of below-market operating leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.
(5)
The amortization of the above-market ground lease obligation is recorded as a decrease to ground lease expense in the consolidated statements of operations for the periods presented.


The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangible assets as of December 31, 2015 for future periods:

Year
Deferred Leasing Costs
 
Above-Market Operating Leases (1)
 
In-Place Leases
 
Below-Market Ground Lease Obligation (2)
 
Below-Market Operating Leases (3)
 
Above-Market Ground Lease Obligation (4)
 
(in thousands)
2016
$
25,637

 
$
1,501

 
$
10,542

 
$
8

 
$
(7,664
)
 
$
(101
)
2017
22,790

 
1,241

 
9,108

 
8

 
(7,017
)
 
(101
)
2018
19,580

 
831

 
6,296

 
8

 
(5,713
)
 
(101
)
2019
15,649

 
643

 
4,637

 
8

 
(3,574
)
 
(101
)
2020
11,720

 
16

 
2,789

 
8

 
(2,035
)
 
(101
)
Thereafter
37,767

 
18

 
5,457

 
421

 
(425
)
 
(5,391
)
Total
$
133,143

 
$
4,250

 
$
38,829

 
$
461

 
$
(26,428
)
 
$
(5,896
)
_______________
(1)
Represents estimated annual amortization related to above-market operating leases. Amounts will be recorded as a decrease to rental income in the consolidated statements of operations.
(2)
Represents estimated annual amortization related to below-market ground lease obligations. Amounts will be recorded as an increase to ground lease expense in the consolidated statements of operations.
(3)
Represents estimated annual amortization related to below-market operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations.
(4)
Represents estimated annual amortization related to above-market ground lease obligations. Amounts will be recorded as a decrease to ground lease expense in the consolidated statements of operations.