Deferred Leasing Costs and Lease Intangibles, net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Deferred Leasing Costs and Lease Intangibles, net

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


	December 31, 2020		December 31, 2019
Deferred leasing costs and in-place lease intangibles	$	352,903	$	359,215
Accumulated amortization	(127,180)		(136,816)
Deferred leasing costs and in-place lease intangibles, net	225,723		222,399
Below-market ground leases	72,916		72,916
Accumulated amortization	(13,831)		(11,436)
Below-market ground leases, net	59,085		61,480
Above-market leases	2,802		8,015
Accumulated amortization	(1,774)		(6,446)
Above-market leases, net	1,028		1,569
DEFERRED LEASING COSTS AND LEASE INTANGIBLE ASSETS, NET	$	285,836	$	285,448

Below-market leases	$	98,365	$	87,064
Accumulated amortization	(50,054)		(56,447)
Below-market leases, net	48,311		30,617
Above-market ground leases	1,095		1,095
Accumulated amortization	(262)		(219)
Above-market ground leases, net	833		876
LEASE INTANGIBLE LIABILITIES, NET	$	49,144	$	31,493

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


	For the Year Ended December 31,
	2020		2019		2018
Deferred leasing costs and in-place lease intangibles(1)	$	(41,334)	$	(45,177)	$	(46,690)
Below-market ground leases(2)	$	(2,395)	$	(2,503)	$	(2,465)
Above-market leases(3)	$	(874)	$	(1,240)	$	(1,550)
Below-market leases(3)	$	10,509	$	14,076	$	19,143
Above-market ground leases(2)	$	43	$	43	$	43

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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 office rental revenues in the Consolidated Statements of Operations.

The following table provides information regarding the Company’s estimated amortization of deferred leasing costs and lease intangibles as of December 31, 2020:


For the Year Ended December 31,	Deferred Leasing Costs and In-place Lease Intangibles		Below-market Ground Leases		Above-market Leases		Below-market Leases		Above-market Ground Leases
2021	$	(33,432)	$	(2,395)	$	(342)	$	7,180	$	43
2022	(26,757)		(2,395)		(175)		4,693		43
2023	(22,243)		(2,395)		(147)		3,799		43
2024	(16,636)		(2,395)		(25)		1,804		43
2025	(11,612)		(2,395)		(5)		842		43
Thereafter	(115,043)		(47,110)		(334)		29,993		618
TOTAL	$	(225,723)	$	(59,085)	$	(1,028)	$	48,311	$	833