Deferred Leasing Costs and Lease Intangibles, net (Tables)

3 Months Ended

Mar. 31, 2020

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


	March 31, 2020		December 31, 2019
Deferred leasing costs and in-place lease intangibles	$	336,376	$	359,215
Accumulated amortization	(123,023)		(136,816)
Deferred leasing costs and in-place lease intangibles, net	213,353		222,399
Below-market ground leases	72,916		72,916
Accumulated amortization	(12,034)		(11,436)
Below-market ground leases, net	60,882		61,480
Above-market leases	4,559		8,015
Accumulated amortization	(3,184)		(6,446)
Above-market leases, net	1,375		1,569
DEFERRED LEASING COSTS AND LEASE INTANGIBLE ASSETS, NET	$	275,610	$	285,448

Below-market leases	$	78,996	$	87,064
Accumulated amortization	(51,117)		(56,447)
Below-market leases, net	27,879		30,617
Above-market ground leases	1,095		1,095
Accumulated amortization	(230)		(219)
Above-market ground leases, net	865		876
LEASE INTANGIBLE LIABILITIES, NET	$	28,744	$	31,493

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


	Three Months Ended March 31,
	2020		2019
Deferred leasing costs and in-place lease intangibles⁽¹⁾	$	(10,735)	$	(11,882)
Below-market ground leases⁽²⁾	$	(599)	$	(626)
Above-market leases⁽³⁾	$	(194)	$	(310)
Below-market leases⁽³⁾	$	2,738	$	4,489
Above-market ground leases⁽²⁾	$	11	$	11

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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.