Deferred Charges and Other Assets, net |
Deferred Charges and Other Assets, net: Deferred charges and other assets, net at December 31, 2017 and 2016 consist of the following: | | | | | | | | | | 2017 | | 2016 | Leasing | $ | 232,819 |
| | $ | 239,983 |
| Intangible assets: | | | | In-place lease values(1) | 108,432 |
| | 140,437 |
| Leasing commissions and legal costs(1) | 25,958 |
| | 32,384 |
| Above-market leases | 164,040 |
| | 181,851 |
| Deferred tax assets | 29,006 |
| | 38,301 |
| Deferred compensation plan assets | 52,221 |
| | 42,711 |
| Distributions in excess of co-venture obligation(2) | 31,150 |
| | — |
| Other assets | 66,990 |
| | 72,206 |
| | 710,616 |
| | 747,873 |
| Less accumulated amortization(3) | (261,426 | ) | | (269,815 | ) | | $ | 449,190 |
| | $ | 478,058 |
|
_______________________________
| | (1) | The amortization of these intangible assets for the next five years and thereafter is as follows: |
| | | | | Year Ending December 31, | | 2018 | $ | 13,165 |
| 2019 | 11,115 |
| 2020 | 8,418 |
| 2021 | 6,866 |
| 2022 | 5,136 |
| Thereafter | 15,183 |
| | $ | 59,883 |
|
| | (2) | See Note 11—Co-Venture Arrangement. |
| | (3) | Accumulated amortization includes $74,507 and $88,785 relating to in-place lease values, leasing commissions and legal costs at December 31, 2017 and 2016, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $19,988, $33,048 and $69,460 for the years ended December 31, 2017, 2016 and 2015, respectively. |
The allocated values of above-market leases and below-market leases consist of the following: | | | | | | | | | | 2017 | | 2016 | Above-Market Leases | | | | Original allocated value | $ | 164,040 |
| | $ | 181,851 |
| Less accumulated amortization | (60,210 | ) | | (57,505 | ) | | $ | 103,830 |
| | $ | 124,346 |
| Below-Market Leases(1) | | | | Original allocated value | $ | 120,573 |
| | $ | 144,713 |
| Less accumulated amortization | (55,489 | ) | | (58,400 | ) | | $ | 65,084 |
| | $ | 86,313 |
|
_______________________________ | | (1) | Below‑market leases are included in other accrued liabilities. |
The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows: | | | | | | | | | | Year Ending December 31, | | Above Market | | Below Market | 2018 | | $ | 11,109 |
| | $ | 11,657 |
| 2019 | | 9,265 |
| | 10,400 |
| 2020 | | 8,088 |
| | 8,016 |
| 2021 | | 6,944 |
| | 6,286 |
| 2022 | | 5,370 |
| | 5,201 |
| Thereafter | | 63,054 |
| | 23,524 |
| | | $ | 103,830 |
| | $ | 65,084 |
|
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