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Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
The following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, in-place leases and below-market ground lease obligation) and intangible liabilities (acquired value of below-market operating leases and above-market ground lease obligation) as of December 31, 2012 and 2011:
 
December 31,
 
2012
 
2011
 
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
 
 
 
Deferred leasing costs
$
168,087

 
$
142,652

Accumulated amortization
(61,443
)
 
(52,974
)
Deferred leasing costs, net
106,644

 
89,678

Above-market operating leases
27,977

 
28,143

Accumulated amortization
(12,180
)
 
(8,101
)
Above-market operating leases, net
15,797

 
20,042

In-place leases
101,061

 
61,355

Accumulated amortization
(34,019
)
 
(15,753
)
In-place leases, net
67,042

 
45,602

Below-market ground lease obligation
690

 
200

Accumulated amortization
(205
)
 
—

Below-market ground lease obligation, net
485

 
200

Total deferred leasing costs and acquisition-related intangible assets, net
$
189,968

 
$
155,522

Acquisition-related Intangible Liabilities, net(1):
 
 
 
Below-market operating leases
$
70,486

 
$
37,582

Accumulated amortization
(17,555
)
 
(6,158
)
Below-market operating leases, net
52,931

 
31,424

Above-market ground lease obligation
6,320

 
5,200

Accumulated amortization
(122
)
 
(37
)
Above-market ground lease obligation, net
6,198

 
5,163

Total acquisition-related intangible liabilities, net
$
59,129

 
$
36,587

________________________
(1)
Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets.
The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2012, 2011 and 2010:

 
Year Ended December 31,
 
2012
 
2011
 
2010
 
(in thousands)
Deferred leasing costs (1)
$
20,804

 
$
16,905

 
$
13,344

Above-market operating leases (2)
5,695

 
5,946

 
2,163

In-place leases (1)
21,976

 
12,575

 
3,266

Below-market ground lease obligation (3)
205

 
—

 
—

Below-market operating leases (4)
(12,393
)
 
(4,890
)
 
(786
)
Above-market ground lease obligation (5)
(85
)
 
(37
)
 
—

Total
$
36,202

 
$
30,499

 
$
17,987

_________________________
(1)
The amortization of deferred leasing costs and in-place leases is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods
presented.
(2) The amortization of above-market operating leases is recorded as a decrease to rental income in the consolidated statements of operations for the periods presented.
(3)
The amortization of the below-market ground lease obligation is recorded as an increase to ground lease expense in the consolidated statements of operations for the periods presented.
(4)
The amortization of below−market operating leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.
(5)
The amortization of the above-market ground lease obligation is recorded as a decrease to ground lease expense in the consolidated statements of operations for the periods presented.

The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangibles as of December 31, 2012 for future periods:
Year Ending
Deferred Leasing Costs
 
Above-Market Operating Leases (1)
 
In-Place Leases
 
Below-Market Ground Lease Obligation (2)
 
Below-Market Operating Leases (3)
 
Above-Market Ground Lease Obligation (4)
 
(in thousands)
2013
$
22,676

 
$
5,316

 
$
23,298

 
$
8

 
$
(13,140
)
 
$
(101
)
2014
20,235

 
4,336

 
15,567

 
8

 
(11,360
)
 
(101
)
2015
16,377

 
2,533

 
9,913

 
8

 
(8,828
)
 
(101
)
2016
13,757

 
1,506

 
6,798

 
8

 
(6,645
)
 
(101
)
2017
11,421

 
1,185

 
5,417

 
8

 
(5,577
)
 
(101
)
Thereafter
22,178

 
921

 
6,049

 
445

 
(7,381
)
 
(5,693
)
Total
$
106,644

 
$
15,797

 
$
67,042

 
$
485

 
$
(52,931
)
 
$
(6,198
)
_______________________
(1)
Represents estimated annual amortization related to above-market operating leases. Amounts will be recorded as a decrease to rental income in the consolidated statements of operations.
(2)
Represents estimated annual amortization related to below−market ground lease obligations. Amounts will be recorded as an increase to ground lease expense in the consolidated statements of operations.
(3)
Represents estimated annual amortization related to below-market operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations.
(4)
Represents estimated annual amortization related to above−market ground lease obligations. Amounts will be recorded as a decrease to ground lease expense in the consolidated statements of operations.