Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2023 and 2022 consist of the following:


	2023		2022
Leasing	$	89,175	$	113,400
Intangible assets:
In-place lease values(1)	59,478		63,961
Leasing commissions and legal costs(1)	16,364		17,299
Above-market leases	66,002		71,304
Deferred tax assets	24,024		23,114
Deferred compensation plan assets	62,755		54,353
Other assets	73,576		66,188
	391,374		409,619
Less accumulated amortization(2)	(128,306)		(162,195)
	$	263,068	$	247,424

_______________________________

(1)The amortization of these intangible assets for the next five years and thereafter is as follows:


Year Ending December 31,
2024	$	6,817
2025	5,619
2026	4,935
2027	3,958
2028	3,297
Thereafter	11,676
	$	36,302

(2)Accumulated amortization includes $39,540 and $44,362 relating to in-place lease values, leasing commissions and legal costs at December 31, 2023 and 2022, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $7,417, $6,734 and $11,233 for the years ended December 31, 2023, 2022 and 2021, respectively.

The allocated values of above-market leases and below-market leases consist of the following:


	2023		2022
Above-Market Leases
Original allocated value	$	66,002	$	71,304
Less accumulated amortization	(36,926)		(35,156)
	$	29,076	$	36,148
Below-Market Leases(1)
Original allocated value	$	85,174	$	97,026
Less accumulated amortization	(37,490)		(40,797)
	$	47,684	$	56,229

_______________________________

(1)Below-market leases are included in other accrued liabilities.

The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows:


Year Ending December 31,	Above Market		Below Market
2024	$	5,308	$	7,564
2025	3,911		6,055
2026	3,850		4,730
2027	3,141		4,420
2028	2,955		4,153
Thereafter	9,911		20,762
	$	29,076	$	47,684