Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net

Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, netThe following summarizes the Company’s deferred leasing costs and intangibles as of:


	December 31, 2021		December 31, 2020
Deferred leasing costs and in-place lease intangibles	$	331,149	$	352,903
Accumulated amortization	(126,423)		(127,180)
Deferred leasing costs and in-place lease intangibles, net	204,726		225,723
Below-market ground leases	79,562		72,916
Accumulated amortization	(15,233)		(13,831)
Below-market ground leases, net	64,329		59,085
Above-market leases	1,334		2,802
Accumulated amortization	(782)		(1,774)
Above-market leases, net	552		1,028
Customer relationships	52,500		—
Accumulated amortization	(2,684)		—
Customer relationships, net	49,816		—
Non-competition agreements	5,300		—
Accumulated amortization	(379)		—
Non-competition agreements, net	4,921		—
Trade name	17,100		—
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	341,444	$	285,836

Below-market leases	$	75,827	$	98,365
Accumulated amortization	(34,326)		(50,054)
Below-market leases, net	41,501		48,311
Above-market ground leases	1,095		1,095
Accumulated amortization	(306)		(262)
Above-market ground leases, net	789		833
INTANGIBLE LIABILITIES, NET	$	42,290	$	49,144

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


	For the Year Ended December 31,
	2021		2020		2019
Deferred leasing costs and in-place lease intangibles(1)	$	(45,128)	$	(41,334)	$	(45,177)
Below-market ground leases(2)	$	(2,410)	$	(2,395)	$	(2,503)
Above-market leases(3)	$	(617)	$	(874)	$	(1,240)
Customer relationships(4)	$	(2,684)	$	—	$	—
Non-competition agreements(4)	$	(379)	$	—	$	—
Below-market leases(3)	$	12,032	$	10,509	$	14,076
Above-market ground leases(2)	$	43	$	43	$	43

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1.Amortization is recorded in depreciation and amortization expenses and for lease incentive costs in 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.

4.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations.

The following table provides information regarding the Company’s estimated amortization of deferred leasing costs and intangibles as of December 31, 2021:


For the Year Ended December 31,	Deferred Leasing Costs and In-place Lease Intangibles		Below-market Ground Leases		Above-market Leases		Customer relationships		Non-competition agreements		Below-market Leases		Above-market Ground Leases
2022	$	(37,302)	$	(3,009)	$	(106)	$	(7,500)	$	(1,060)	$	5,005	$	43
2023	(31,203)		(3,009)		(78)		(7,500)		(1,060)		3,548		43
2024	(24,583)		(3,009)		(58)		(7,500)		(1,060)		2,369		43
2025	(18,747)		(3,009)		(48)		(7,500)		(1,060)		1,407		43
2026	(16,074)		(3,009)		(43)		(7,500)		(681)		1,232		43
Thereafter	(76,817)		(49,284)		(219)		(12,316)		—		27,940		574
TOTAL	$	(204,726)	$	(64,329)	$	(552)	$	(49,816)	$	(4,921)	$	41,501	$	789