Deferred Leasing Costs and Lease Intangibles, net

6 Months Ended

Jun. 30, 2019

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


	June 30, 2019		December 31, 2018
Deferred leasing costs and in-place lease intangibles	$	364,711	$	336,535
Accumulated amortization	(130,354)		(123,432)
Deferred leasing costs and in-place lease intangibles, net	234,357		213,103
Below-market ground leases	72,916		72,916
Accumulated amortization	(10,184)		(8,932)
Below-market ground leases, net	62,732		63,984
Above-market leases	8,047		8,425
Accumulated amortization	(5,886)		(5,616)
Above-market leases, net	2,161		2,809
DEFERRED LEASING COSTS AND LEASE INTANGIBLE ASSETS, NET	$	299,250	$	279,896

Below-market leases	$	91,546	$	101,736
Accumulated amortization	(54,610)		(57,043)
Below-market leases, net	36,936		44,693
Above-market ground leases	1,095		1,095
Accumulated amortization	(198)		(176)
Above-market ground leases, net	897		919
LEASE INTANGIBLE LIABILITIES, NET⁽¹⁾	$	37,833	$	45,612

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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 June 30,						Six Months Ended June 30,
	2019		2018		2019		2018
Deferred leasing costs and in-place lease intangibles⁽¹⁾	$	(11,311)	$	(11,423)	$	(23,193)	$	(23,119)
Below-market ground leases⁽²⁾	$	(626)	$	(603)	$	(1,252)	$	(1,238)
Above-market leases⁽³⁾	$	(338)	$	(409)	$	(648)	$	(883)
Below-market leases⁽³⁾	$	3,268	$	3,640	$	7,757	$	7,925
Above-market ground leases⁽²⁾	$	11	$	11	$	22	$	22

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

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

3.Amortization is recorded in rental revenues in the Consolidated Statements of Operations.