Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 consist of the following:

	2020		2019
Leasing	$	162,652	$	202,540
Intangible assets:
In-place lease values(1)	74,298		78,171
Leasing commissions and legal costs(1)	21,096		20,518
Above-market leases	80,120		59,916
Deferred tax assets	30,767		30,757
Deferred compensation plan assets	62,874		55,349
Other assets	61,553		60,475
	493,360		507,726
Less accumulated amortization(2)	(186,401)		(229,860)
	$	306,959	$	277,866

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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,
2021	$	8,997
2022	8,096
2023	6,884
2024	5,848
2025	5,005
Thereafter	13,315
	$	48,145

(2)Accumulated amortization includes $47,249 and $66,322 relating to in-place lease values, leasing commissions and legal costs at December 31, 2020 and 2019, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $9,412, $13,821 and $13,635 for the years ended December 31, 2020, 2019 and 2018, respectively.

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

	2020		2019
Above-Market Leases
Original allocated value	$	80,120	$	59,916
Less accumulated amortization	(33,271)		(35,737)
	$	46,849	$	24,179
Below-Market Leases(1)
Original allocated value	$	114,790	$	90,790
Less accumulated amortization	(43,656)		(53,727)
	$	71,134	$	37,063

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(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
2021	$	8,463	$	10,781
2022	7,851		9,933
2023	7,380		9,241
2024	6,735		9,126
2025	5,404		7,654
Thereafter	11,016		24,399
	$	46,849	$	71,134