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Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
 12 Months Ended
Dec. 31, 2024
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, net
The following summarizes the Company’s deferred leasing costs and intangibles as of:
December 31, 2024December 31, 2023
Deferred leasing costs and in-place lease intangibles$244,463 $290,969 
Accumulated amortization(116,868)(150,457)
Deferred leasing costs and in-place lease intangibles, net127,595 140,512 
Lease incentives34,352 — 
Accumulated amortization(1,203)— 
Lease incentives, net33,149 — 
Below-market ground leases74,930 77,943 
Accumulated amortization(21,626)(20,733)
Below-market ground leases, net53,304 57,210 
Above-market leases636 673 
Accumulated amortization(437)(376)
Above-market leases, net199 297 
Customer relationships97,900 97,900 
Accumulated amortization(40,380)(26,363)
Customer relationships, net57,520 71,537 
Non-competition agreements8,200 8,200 
Accumulated amortization(4,926)(3,279)
Non-competition agreements, net3,274 4,921 
Trade name37,200 37,200 
Parking easement15,273 15,273 
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET
$327,514 $326,950 
Below-market leases$40,535 $58,833 
Accumulated amortization(18,697)(31,785)
Below-market leases, net21,838 27,048 
Above-market ground leases— 1,095 
Accumulated amortization— (392)
Above-market ground leases, net— 703 
INTANGIBLE LIABILITIES, NET
$21,838 $27,751 

The Company recognized the following amortization related to deferred leasing costs and intangibles:
For the Year Ended December 31,
202420232022
Deferred leasing costs and in-place lease intangibles(1)
$(33,106)$(36,791)$(40,171)
Lease incentives(2)
$(1,203)$— $— 
Below-market ground leases(3)
$(2,669)$(2,795)$(2,775)
Above-market leases(2)
$(57)$(62)$(124)
Customer relationships(1)
$(14,016)$(14,017)$(9,662)
Non-competition agreements(1)
$(1,647)$(1,647)$(1,253)
Below-market leases(2)
$4,982 $6,297 $8,156 
Above-market ground leases(3)
$43 $43 $43 
_____________ 
1.Amortization is recorded in depreciation and amortization expenses and for lease incentive costs.
2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.
3.Amortization is recorded in office operating expenses on the Consolidated Statements of Operations.
The following table provides information regarding the Company’s estimated future amortization of deferred leasing costs and intangibles as of December 31, 2024:
For the Year Ended December 31,Deferred Leasing Costs and In-place Lease IntangiblesLease incentivesBelow-market Ground LeasesAbove-market LeasesCustomer relationshipsNon-competition agreementsBelow-market Leases
2025$(26,628)$(2,405)$(2,563)$(49)$(13,986)$(1,640)$4,066 
2026(23,205)(2,388)(2,563)(44)(13,986)(1,237)3,981 
2027(19,821)(2,388)(2,563)(43)(13,986)(397)3,913 
2028(16,474)(2,388)(2,563)(32)(11,301)— 3,832 
2029(13,217)(2,388)(2,563)(31)(4,261)— 3,458 
Thereafter(28,250)(21,192)(40,489)— — — 2,588 
TOTAL
$(127,595)$(33,149)$(53,304)$(199)$(57,520)$(3,274)$21,838 

During the years ended December 31, 2024 and 2023, the Company recorded impairment charges totaling $0.8 million and $2.7 million, respectively, related to the deferred leasing costs and intangible assets of certain office properties. Refer to Note 4 for details. The losses are recorded within impairment loss on the Consolidated Statements of Operations.

During the year ended December 31, 2022, the Company recorded an impairment charge of $8.5 million related to impairment of the Zio trade name within impairment loss on the Consolidated Statement of Operations. The impairment is related to the announced rebranding and integration of Zio into the Company’s existing Sunset Studios platform, after which the Company will no longer use the Zio trade name.

During the year ended December 31, 2022, the Company also recorded an impairment charge of $2.4 million related to the below-market ground lease at a certain property. Refer to Note 4 for details. The losses are recorded within impairment loss on the Consolidated Statements of Operations. Refer to Note 4 for details. The loss is recorded within impairment loss on the Consolidated Statements of Operations.