Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

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


	March 31, 2022		December 31, 2021
Deferred leasing costs and in-place lease intangibles	$	334,127	$	331,149
Accumulated amortization	(133,817)		(126,423)
Deferred leasing costs and in-place lease intangibles, net	200,310		204,726
Below-market ground leases	79,562		79,562
Accumulated amortization	(15,915)		(15,233)
Below-market ground leases, net	63,647		64,329
Above-market leases	1,334		1,334
Accumulated amortization	(847)		(782)
Above-market leases, net	487		552
Customer relationships	52,500		52,500
Accumulated amortization	(4,559)		(2,684)
Customer relationships, net	47,941		49,816
Non-competition agreements	5,300		5,300
Accumulated amortization	(644)		(379)
Non-competition agreements, net	4,656		4,921
Trade name	8,600		17,100
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	325,641	$	341,444

Below-market leases	$	75,476	$	75,827
Accumulated amortization	(36,782)		(34,326)
Below-market leases, net	38,694		41,501
Above-market ground leases	1,095		1,095
Accumulated amortization	(317)		(306)
Above-market ground leases, net	778		789
INTANGIBLE LIABILITIES, NET	$	39,472	$	42,290

Schedule of amortization during period

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


	Three Months Ended March 31,
	2022		2021
Deferred leasing costs and in-place lease intangibles(1)	$	(10,419)	$	(11,567)
Below-market ground leases(2)	$	(679)	$	(599)
Above-market leases(3)	$	(68)	$	(424)
Customer relationships(4)	$	(1,875)	$	—
Non-competition agreements(4)	$	(265)	$	—
Below-market leases(3)	$	2,807	$	2,942
Above-market ground leases(2)	$	11	$	11

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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.