Other Assets, Net (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of other assets, net:


	December 31,
	2021		2020

	(In thousands)
Deferred leasing costs, net	$	124,742	$	117,141
Lease intangible assets, net		14,736		15,565
Other identified intangible assets		36,698		43,012
Wireless spectrum licenses ⁽¹⁾		25,780		—
Operating lease right-of-use assets		1,660		3,542
Finance lease right-of-use assets ⁽²⁾		180,956		41,996
Prepaid expenses		17,104		14,000
Deferred financing costs, net		11,436		6,656
Deposits ⁽¹⁾		1,938		28,560
Other ⁽³⁾		27,066		16,103
Total other assets, net	$	442,116	$	286,575

(1)	During 2020, we deposited $25.3 million with the Federal Communications Commission in connection with the acquisition of wireless spectrum licenses. In March 2021, we received the licenses.

(2)

Includes $139.4 million as of December 31, 2021 related to the amendment of the ground lease for Courthouse Plaza 1 and 2, which was executed in December 2021. The amendment extended the expiration date of the lease from January 2062 to December 2119, and resulted in a change in its classification from an operating lease to a finance lease.

(3)

As of December 31, 2021, included $9.8 million of investments in funds, which invest in real estate focused technology companies, that are recorded at their fair value based on their reported NAV. During the fourth quarter of 2021, we recorded unrealized gains totaling $4.6 million related to these investments, which are included in "Interest and other income (loss), net" in our consolidated statement of operations.

Schedule of deferred leasing costs, lease intangible assets and other identified intangible assets

The following is a summary of the composition of deferred leasing costs, lease intangible assets and other identified intangible assets:


	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net

	(In thousands)
Deferred leasing costs	$	219,751	$	(95,009)	$	124,742	$	202,940	$	(85,799)	$	117,141

Lease intangible assets:
In-place leases	$	27,793	$	(15,241)	$	12,552	$	27,363	$	(15,027)	$	12,336
Above-market real estate leases		6,585		(4,401)		2,184		7,515		(4,286)		3,229
	$	34,378	$	(19,642)	$	14,736	$	34,878	$	(19,313)	$	15,565

Other identified intangible assets:
Option to enter into ground lease	$	17,090	$	—	$	17,090	$	17,090	$	—	$	17,090
Management and leasing contracts		45,900		(26,292)		19,608		45,900		(20,388)		25,512
Other		—		—		—		410		—		410
	$	62,990	$	(26,292)	$	36,698	$	63,400	$	(20,388)	$	43,012

Schedule of intangible assets amortization expense

The following is a summary of amortization expense related to lease and other identified intangible assets:


	Year Ended December 31,
	2021		2020		2019

	(In thousands)
In-place lease amortization ⁽¹⁾	$	4,171	$	5,695	$	7,375
Above-market real estate lease amortization ⁽²⁾		1,032		1,582		1,730
Management and leasing contract amortization ⁽¹⁾		5,905		6,002		7,088
Other amortization		—		16		(240)
Total amortization expense related to lease and other identified intangible assets	$	11,108	$	13,295	$	15,953

(1)	Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations.

(2)	Amounts are included in "Property rental revenue" in our consolidated statements of operations.

Schedule of finite-lived intangible assets, future amortization expense

The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2021:


Year ending December 31,	Amount
	(In thousands)
2022	$	9,571
2023		8,954
2024		8,376
2025		3,972
2026		1,669
Thereafter		1,802
Total ⁽¹⁾	$	34,344

(1)

Estimated amortization related to the option to enter into ground lease is excluded from the amortization table above as the ground lease does not have a definite start date. Estimated amortization related to wireless spectrum licenses is excluded from the amortization table above as they are indefinite-lived.