Other Assets, Net

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The following is a summary of other assets, net:



	December 31,
	2019			2018
	(In thousands)
Deferred leasing costs	$	205,830		$	202,066
Accumulated amortization	(79,814		)	(72,465		)
Deferred leasing costs, net	$	126,016		$	129,601
Lease intangible assets, net	23,644			34,390
Other identified intangible assets, net	48,620			55,469
Operating right-of-use assets, net ⁽¹⁾	19,865			—
Prepaid expenses	12,556			6,482
Deferred financing costs on credit facility, net	3,071			4,806
Deposits	3,210			3,633
Derivative agreements, at fair value	—			10,383
Other	16,705			20,230
Total other assets, net	$	253,687		$	264,994

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⁽¹⁾	Related to our adoption of Topic 842 on January 1, 2019. See Note 2 for additional information.

The following is a summary of the composition of lease intangible assets, net:



	December 31,
	2019		2018
	(in thousands)
Lease intangible assets:
In-place leases	$	33,812	$	38,216
Above-market real estate leases	8,635		9,414
Below-market ground leases	—		2,215
Total lease intangibles assets	42,447		49,845
Accumulated amortization:
In-place leases	15,231		11,602
Above-market real estate leases	3,572		2,405
Below-market ground leases	—		1,448
Total accumulated amortization	18,803		15,455
Lease intangible assets, net	$	23,644	$	34,390

The following is a summary of the composition of other identified intangible assets, net:



	December 31,
	2019		2018
	(in thousands)
Other identified intangible assets:
Option to enter into ground lease	$	17,090	$	17,090
Management and leasing contracts	48,900		48,900
Other	166		166
Total other identified intangibles assets	66,156		66,156
Accumulated amortization:
Management and leasing contracts	17,385		10,297
Other	151		390
Total accumulated amortization	17,536		10,687
Other identified intangible assets, net	$	48,620	$	55,469

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



	Year Ended December 31,
	2019			2018		2017
	(in thousands)
In-place lease amortization ⁽¹⁾	$	7,375		$	11,807	$	10,216
Above-market real estate lease amortization ⁽²⁾	1,730			2,390		1,428
Below-market ground lease amortization ⁽³⁾	—			85		87
Management and leasing contract amortization ⁽¹⁾	7,088			7,088		3,209
Other amortization	(240		)	191		14
Total lease and other identified intangible asset amortization expense	$	15,953		$	21,561	$	14,954

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

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

⁽³⁾ Amounts are included in "Property operating expenses" in our statements of operations.

The following is a summary of the estimated amortization of lease and other identified intangible assets for the next five years and thereafter as of December 31, 2019:



Year ending December 31,	Amount
	(in thousands)
2020	$	12,949
2021	9,993
2022	8,999
2023	8,510
2024	7,973
Thereafter	6,750
Total ⁽¹⁾	$	55,174

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⁽¹⁾ Estimated amortization related to the option to enter into ground lease is not included within the amortization table above as the ground lease does not have a definite start date.