Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2019

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2019 and 2018 consist of the following:

	2019		2018
Leasing	$	202,540	$	226,885
Intangible assets:
In-place lease values(1)	78,171		94,966
Leasing commissions and legal costs(1)	20,518		23,508
Above-market leases	59,916		140,889
Deferred tax assets	30,757		32,197
Deferred compensation plan assets	55,349		45,857
Other assets	60,475		75,497
	507,726		639,799
Less accumulated amortization(2)	(229,860)		(249,396)
	$	277,866	$	390,403

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(1)The amortization of these intangible assets for the next five years and thereafter is as follows:

Year Ending December 31,
2020	$	7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
	$	32,367

(2)Accumulated amortization includes $66,322 and $72,286 relating to in-place lease values, leasing commissions and legal costs at December 31, 2019 and 2018, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,821, $13,635 and $19,958 for the years ended December 31, 2019, 2018 and 2017, respectively.

The allocated values of above-market leases and below-market leases consist of the following:

	2019		2018
Above-Market Leases
Original allocated value	$	59,916	$	140,889
Less accumulated amortization	(35,737)		(49,847)
	$	24,179	$	91,042
Below-Market Leases(1)
Original allocated value	$	90,790	$	108,330
Less accumulated amortization	(53,727)		(56,345)
	$	37,063	$	51,985

_______________________________

(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
2020	$	5,328	$	6,882
2021	4,677		5,344
2022	4,055		4,374
2023	3,685		3,617
2024	2,691		3,348
Thereafter	3,743		13,498
	$	24,179	$	37,063