Deferred Leasing Costs and Lease Intangibles, net (Tables)

9 Months Ended

Sep. 30, 2018

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


	September 30, 2018		December 31, 2017
Above-market leases	$	9,600	$	18,028
Accumulated amortization	(7,222)		(15,131)
Above-market leases, net	2,378		2,897
Deferred leasing costs and in-place lease intangibles	315,232		301,945
Accumulated amortization	(121,592)		(127,703)
Deferred leasing costs and in-place lease intangibles, net	193,640		174,242
Below-market ground leases	68,388		68,388
Accumulated amortization	(8,306)		(6,498)
Below-market ground leases, net	60,082		61,890
DEFERRED LEASING COSTS AND LEASE INTANGIBLE ASSETS, NET⁽¹⁾	$	256,100	$	239,029

Below-market leases	$	95,533	$	103,597
Accumulated amortization	(53,173)		(55,019)
Below-market leases, net	42,360		48,578
Above-market ground leases	1,095		1,095
Accumulated amortization	(166)		(133)
Above-market ground leases, net	929		962
LEASE INTANGIBLE LIABILITIES, NET⁽¹⁾	$	43,289	$	49,540

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1. Excludes balances related to properties that have been classified as held for sale.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018		2017		2018		2017
Above-market leases⁽¹⁾	$	(355)	$	(1,855)	$	(1,238)	$	(5,122)
Deferred leasing costs and in-place lease intangibles⁽²⁾	$	(11,038)	$	(17,376)	$	(34,157)	$	(57,813)
Below-market ground leases⁽³⁾	$	(602)	$	(629)	$	(1,840)	$	(2,121)
Below-market leases⁽¹⁾	$	3,584	$	5,776	$	11,509	$	19,448
Above-market ground leases⁽³⁾	$	11	$	11	$	33	$	33

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1. Amortization is recorded in revenues in the Consolidated Statements of Operations.

2. Amortization is recorded in depreciation and amortization expenses and office rental revenues in the Consolidated Statements of Operations.

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