Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

	December 31, 2021		December 31, 2020
	(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
Deferred leasing costs	$	285,247	$	300,556
Accumulated amortization	(107,329)		(104,277)
Deferred leasing costs, net	177,918		196,279
Above-market operating leases	260		—
Accumulated amortization	(8)		—
Above-market operating leases, net	252		—
In-place leases	80,782		40,323
Accumulated amortization	(24,494)		(25,653)
In-place leases, net	56,288		14,670
Total deferred leasing costs and acquisition-related intangible assets, net	$	234,458	$	210,949
Acquisition-related Intangible Liabilities, net: (1)
Below-market operating leases	$	32,953	$	26,405
Accumulated amortization	(10,700)		(13,060)
Below-market operating leases, net	22,253		13,345
Total acquisition-related intangible liabilities, net	$	22,253	$	13,345

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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, 2021, 2020 and 2019.

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Deferred leasing costs (1)	$	32,472	$	33,624	$	35,779
Above-market operating leases (2)	8		495		192
In-place leases (1)	14,562		11,759		18,615
Below-market operating leases (3)	(6,912)		(10,748)		(9,398)
Total	$	40,130	$	35,130	$	45,188

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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)    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, 2021 for future periods:

Year	Deferred Leasing Costs		Above-Market Operating Leases (1)		In-Place Leases		Below-Market Operating Leases (2)
	(in thousands)
2022	$	29,959	$	31	$	31,016	$	(10,408)
2023	25,432		31		11,802		(4,356)
2024	22,380		31		2,962		(1,496)
2025	20,363		31		2,927		(1,475)
2026	17,729		31		2,605		(1,379)
Thereafter	62,055		97		4,976		(3,139)
Total	$	177,918	$	252	$	56,288	$	(22,253)

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(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 operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations.