Deferred Leasing Costs and Lease Intangibles, net (Tables)

6 Months Ended

Jun. 30, 2020

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


	June 30, 2020		December 31, 2019
Deferred leasing costs and in-place lease intangibles	$	323,787	$	359,215
Accumulated amortization	(119,736)		(136,816)
Deferred leasing costs and in-place lease intangibles, net	204,051		222,399
Below-market ground leases	72,916		72,916
Accumulated amortization	(12,633)		(11,436)
Below-market ground leases, net	60,283		61,480
Above-market leases	3,040		8,015
Accumulated amortization	(1,824)		(6,446)
Above-market leases, net	1,216		1,569
DEFERRED LEASING COSTS AND LEASE INTANGIBLE ASSETS, NET	$	265,550	$	285,448

Below-market leases	$	77,549	$	87,064
Accumulated amortization	(52,292)		(56,447)
Below-market leases, net	25,257		30,617
Above-market ground leases	1,095		1,095
Accumulated amortization	(241)		(219)
Above-market ground leases, net	854		876
LEASE INTANGIBLE LIABILITIES, NET	$	26,111	$	31,493

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Deferred leasing costs and in-place lease intangibles⁽¹⁾	$	(10,129)	$	(11,311)	$	(20,864)	$	(23,193)
Below-market ground leases⁽²⁾	$	(599)	$	(626)	$	(1,198)	$	(1,252)
Above-market leases⁽³⁾	$	(159)	$	(338)	$	(353)	$	(648)
Below-market leases⁽³⁾	$	2,622	$	3,268	$	5,360	$	7,757
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.