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Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015:

 
December 31, 2016
 
December 31, 2015
 
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:(1)
 
 
 
Deferred leasing costs
$
239,958

 
$
205,888

Accumulated amortization
(89,633
)
 
(72,745
)
Deferred leasing costs, net
150,325

 
133,143

Above-market operating leases
10,304

 
10,989

Accumulated amortization
(6,933
)
 
(6,739
)
Above-market operating leases, net
3,371

 
4,250

In-place leases
94,813

 
72,639

Accumulated amortization
(40,593
)
 
(33,810
)
In-place leases, net
54,220

 
38,829

Below-market ground lease obligation
490

 
490

Accumulated amortization
(38
)
 
(29
)
Below-market ground lease obligation, net
452

 
461

Total deferred leasing costs and acquisition-related intangible assets, net
$
208,368

 
$
176,683

Acquisition-related Intangible Liabilities, net: (2)
 
 
 
Below-market operating leases
$
69,472

 
$
53,502

Accumulated amortization
(33,689
)
 
(27,074
)
Below-market operating leases, net
35,783

 
26,428

Above-market ground lease obligation
6,320

 
6,320

Accumulated amortization
(525
)
 
(424
)
Above-market ground lease obligation, net
5,795

 
5,896

Total acquisition-related intangible liabilities, net
$
41,578

 
$
32,324

_______________
(1)
Excludes deferred leasing costs and acquisition-related intangible assets, net related to properties held for sale as of December 31, 2015.
(2)
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, 2016, 2015 and 2014, including amounts attributable to discontinued operations for the year ended December 31, 2014.
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(in thousands)
Deferred leasing costs (1)
$
28,639

 
$
27,866

 
$
27,555

Above-market operating leases (2)
1,509

 
2,532

 
5,303

In-place leases (1)
11,676

 
14,622

 
21,628

Below-market ground lease obligation (3)
8

 
8

 
8

Below-market operating leases (4)
(8,674
)
 
(10,980
)
 
(13,238
)
Above-market ground lease obligation (5)
(101
)
 
(101
)
 
(101
)
Total
$
33,057

 
$
33,947

 
$
41,155

_______________
(1)
The amortization of deferred leasing costs and in-place leases is recorded to depreciation and amortization expense and the amortization of lease incentives is recorded as a reduction to rental income 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, 2016 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)
2017
$
29,190

 
$
1,298

 
$
18,366

 
$
8

 
$
(10,633
)
 
$
(101
)
2018
25,761

 
869

 
13,556

 
8

 
(9,116
)
 
(101
)
2019
21,397

 
681

 
8,856

 
8

 
(6,519
)
 
(101
)
2020
16,703

 
53

 
5,739

 
8

 
(3,676
)
 
(101
)
2021
12,590

 
53

 
2,505

 
8

 
(1,031
)
 
(101
)
Thereafter
44,684

 
417

 
5,198

 
412

 
(4,808
)
 
(5,290
)
Total
$
150,325

 
$
3,371

 
$
54,220

 
$
452

 
$
(35,783
)
 
$
(5,795
)
_______________
(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.