v3.26.1
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
The following summarizes the Company’s deferred leasing costs and intangibles as of:
June 30, 2026December 31, 2025
Deferred leasing costs and in-place lease intangibles$247,727 $235,693 
Accumulated amortization(119,611)(113,541)
Deferred leasing costs and in-place lease intangibles, net128,116 122,152 
Lease incentives209,636 126,607 
Accumulated amortization(13,606)(7,384)
Lease incentives, net196,030 119,223 
Below-market ground leases74,930 74,930 
Accumulated amortization(25,470)(24,188)
Below-market ground leases, net49,460 50,742 
Parking easement15,273 15,273 
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET$388,879 $307,390 
Below-market leases$38,798 $39,268 
Accumulated amortization(23,022)(21,496)
INTANGIBLE LIABILITIES, NET$15,776 $17,772 

The Company recognized the following amortization related to deferred leasing costs and intangibles:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Deferred leasing costs and in-place lease intangibles(1)
$(7,753)$(7,657)$(15,563)$(17,353)
Lease incentives(2)
$(3,519)$(1,238)$(6,220)$(1,862)
Below-market ground leases(3)
$(640)$(651)$(1,281)$(1,302)
Below-market leases(2)
$991 $1,017 $1,995 $2,048 
Above-market leases(2)
$— $(1)$— $(166)
Customer relationships(1)
$— $(3,505)$— $(7,009)
Non-competition agreements(1)
$— $1,136 $— $(2,080)
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1.Amortization is recorded in depreciation and amortization expense on the Consolidated Statements of Operations.
2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.
3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations.

During the three and six months ended June 30, 2026, the Company recorded a $0.3 million impairment charge related to the deferred leasing costs and intangible assets of the 2001 Gateway Place office property. During the three and six months ended June 30, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations.