Intangible Assets and Below Market Lease Liabilities

3 Months Ended

Mar. 31, 2021

The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:


	March 31, 2021		December 31, 2020
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	367,727	$	361,027
Less accumulated amortization	(147,937)		(151,698)
	$	219,790	$	209,329
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	62,490	$	63,748
Less accumulated amortization	(36,647)		(37,838)
	$	25,843	$	25,910

The following table sets forth amortization of intangible assets and below market lease liabilities:


	Three Months Ended March 31,
		2021		2020
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)		$	8,571	$	8,798
Amortization of lease incentives (in rental and other revenues)		$	448	$	490
Amortization of acquisition-related intangible assets (in rental and other revenues)		$	277	$	288
Amortization of acquisition-related intangible assets (in rental property and other expenses)		$	—	$	139
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)		$	(1,429)	$	(1,566)

The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:


	Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)		Amortization of Lease Incentives (in Rental and Other Revenues)		Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)		Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
April 1 through December 31, 2021	$	27,307	$	1,169	$	725	$	(3,757)
2022	32,692		1,396		910		(4,214)
2023	29,031		1,322		754		(3,838)
2024	25,668		1,173		664		(3,171)
2025	20,705		1,095		546		(1,813)
Thereafter	67,577		4,603		2,453		(9,050)
	$	202,980	$	10,758	$	6,052	$	(25,843)
Weighted average remaining amortization periods as of March 31, 2021 (in years)	8.2		9.4		9.0		8.4

The following table sets forth the intangible assets acquired and below market lease liabilities assumed as a result of 2021 acquisition activity:


	Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues)		Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization)		Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues)
Amount recorded at acquisition	$	2,036	$	13,168	$	(1,361)
Weighted average remaining amortization periods as of March 31, 2021 (in years)	7.4		5.9		5.9