Deferred Leasing Costs and Lease Intangibles, net

The following summarizes the Company’s deferred leasing costs and lease intangibles, net as of:



	December 31, 2016			December 31, 2015
Above-market leases	$	23,430		$	38,392
Accumulated amortization	(12,989		)	(17,166		)
Above-market leases, net	10,441			21,226
Deferred leasing costs and in-place lease intangibles	378,640			345,434
Accumulated amortization	(145,551		)	(110,116		)
Deferred leasing costs and in-place lease intangibles, net	233,089			235,318
Below-market ground leases	71,423			59,085
Accumulated amortization	(4,891		)	(2,699		)
Below-market ground leases, net	66,532			56,386
Deferred leasing costs and lease intangible assets, net	$	310,062		$	312,930

Below-market leases	141,676			138,699
Accumulated amortization	(62,552		)	(45,353		)
Below-market leases, net	79,124			93,346
Above-market ground leases	1,095			1,095
Accumulated amortization	(89		)	(46		)
Above-market ground leases, net	1,006			1,049
Lease intangible liabilities, net	$	80,130		$	94,395

The Company recognized the following amortization related to deferred leasing costs and lease intangibles:



	For the Year Ended December 31,
	2016		2015		2014
Above-market leases⁽¹⁾	$	11,259	$	12,534	$	2,026
Below-market leases⁽¹⁾	30,993		34,607		7,661
Deferred leasing costs and in-place lease intangibles⁽²⁾	84,492		91,965		20,879
Above-market ground leases⁽³⁾	43		46		—
Below-market ground leases⁽³⁾	2,203		1,688		248

_____________


(1)	Amortization is recorded in office rental income in the Consolidated Statements of Operations.


(2)	Amortization is recorded in depreciation and amortization expense and office rental income in the Consolidated Statements of Operations.


(3)	Amortization is recorded in office operating expenses in the Consolidated Statements of Operations.

As of December 31, 2016, the estimated aggregate amortization of deferred leasing costs and lease intangible assets for each of the next five years and thereafter are as follows:



Year ended	Above-market leases		Deferred leasing costs and in-place lease intangibles		Below-market ground leases
2017	$	3,780	$	62,686	$	2,544
2018	3,113		40,425		2,544
2019	2,598		31,731		2,544
2020	466		20,447		2,544
2021	329		15,974		2,544
Thereafter	155		61,826		53,812
Total	$	10,441	$	233,089	$	66,532

As of December 31, 2016 the estimated aggregate amortization of lease intangible liabilities for each of the next five years and thereafter are as follows:



Year ended	Below-market leases		Above-market ground leases
2017	$	24,394	$	43
2018	16,400		43
2019	12,907		43
2020	9,460		43
2021	6,953		43
Thereafter	9,010		791
Total	$	79,124	$	1,006