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Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2020
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, and in-place leases) and intangible liabilities (acquired value of below-market operating leases) as of December 31, 2020 and 2019:

December 31, 2020December 31, 2019
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
Deferred leasing costs$300,556 $286,026 
Accumulated amortization(104,277)(100,145)
Deferred leasing costs, net196,279 185,881 
Above-market operating leases— 611 
Accumulated amortization— (116)
Above-market operating leases, net— 495 
In-place leases40,323 58,076 
Accumulated amortization(25,653)(31,647)
In-place leases, net14,670 26,429 
Total deferred leasing costs and acquisition-related intangible assets, net$210,949 $212,805 
Acquisition-related Intangible Liabilities, net: (1)
Below-market operating leases$26,405 $51,263 
Accumulated amortization(13,060)(27,171)
Below-market operating leases, net13,345 24,092 
Total acquisition-related intangible liabilities, net$13,345 $24,092 
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(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, 2020, 2019 and 2018.
Year Ended December 31,
202020192018
(in thousands)
Deferred leasing costs (1)
$33,624 $35,779 $34,341 
Above-market operating leases (2)
495 192 444 
In-place leases (1)
11,759 18,615 15,915 
Below-market ground lease obligation (3)
— — 8 
Below-market operating leases (4)
(10,748)(9,398)(10,192)
Above-market ground lease obligation (3)
— — (101)
Total$35,130 $45,188 $40,415 
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(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)    Upon adoption of Topic 842 on January 1, 2019 (refer to Note 2 “Basis of Presentation and Significant Accounting Policies”), we no longer separately recognize above or below-market ground lease obligations. Refer to Note 18 “Commitments and Contingencies” for further discussion of our ground lease obligations.
(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.

The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangibles as of December 31, 2020 for future periods:

YearDeferred Leasing CostsIn-Place Leases
Below-Market Operating Leases (1)
(in thousands)
2021$31,048 $6,531 $(4,152)
202228,334 3,885 (3,167)
202324,470 1,534 (1,486)
202421,545 584 (812)
202519,726 473 (710)
Thereafter71,156 1,663 (3,018)
Total$196,279 $14,670 $(13,345)
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(1)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.