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Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013:

 
December 31, 2014
 
December 31, 2013
 
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
 
 
 
Deferred leasing costs
$
216,102

 
$
178,720

Accumulated amortization
(74,904
)
 
(63,246
)
Deferred leasing costs, net
141,198

 
115,474

Above-market operating leases
20,734

 
27,635

Accumulated amortization
(13,952
)
 
(14,283
)
Above-market operating leases, net
6,782

 
13,352

In-place leases
97,250

 
100,318

Accumulated amortization
(43,773
)
 
(42,999
)
In-place leases, net
53,477

 
57,319

Below-market ground lease obligation
490

 
490

Accumulated amortization
(21
)
 
(13
)
Below-market ground lease obligation, net
469

 
477

Total deferred leasing costs and acquisition-related intangible assets, net
$
201,926

 
$
186,622

Acquisition-related Intangible Liabilities, net: (1)
 
 
 
Below-market operating leases
$
68,051

 
$
69,385

Accumulated amortization
(30,620
)
 
(25,706
)
Below-market operating leases, net
37,431

 
43,679

Above-market ground lease obligation
6,320

 
6,320

Accumulated amortization
(324
)
 
(223
)
Above-market ground lease obligation, net
5,996

 
6,097

Total acquisition-related intangible liabilities, net
$
43,427

 
$
49,776

_______________
(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 intangible liabilities, including amounts attributable to discontinued operations, for years ended December 31, 2014, 2013 and 2012:

 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(in thousands)
Deferred leasing costs (1)
$
27,555

 
$
25,902

 
$
20,804

Above-market operating leases (2)
5,303

 
5,664

 
5,695

In-place leases (1)
21,628

 
29,363

 
21,976

Below-market ground lease obligation (3)
8

 
8

 
205

Below-market operating leases (4)
(13,238
)
 
(13,441
)
 
(12,393
)
Above-market ground lease obligation (5)
(101
)
 
(101
)
 
(85
)
Total
$
41,155

 
$
47,395

 
$
36,202

_______________
(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 intangible assets as of December 31, 2014 for future periods:

Year
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)
2015
$
27,848

 
$
2,530

 
$
13,896

 
$
8

 
$
(9,886
)
 
$
(101
)
2016
25,051

 
1,503

 
10,922

 
8

 
(8,403
)
 
(101
)
2017
22,128

 
1,241

 
9,281

 
8

 
(7,337
)
 
(101
)
2018
18,580

 
831

 
6,373

 
8

 
(5,735
)
 
(101
)
2019
14,227

 
643

 
4,714

 
8

 
(3,597
)
 
(101
)
Thereafter
33,364

 
34

 
8,291

 
429

 
(2,473
)
 
(5,491
)
Total
$
141,198

 
$
6,782

 
$
53,477

 
$
469

 
$
(37,431
)
 
$
(5,996
)
_______________
(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.