Deferred Revenue, Intangibles, Net and Other Liabilities

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Deferred Revenue, Intangibles, Net and Other Liabilities

Deferred revenue and other liabilities consist of the unamortized fair value of below market lease liabilities recorded in connection with purchase accounting, retainage payables for development and redevelopment projects, tenant rent payments received in advance of the month in which they are due, and lease liabilities recorded upon adoption of ASU 2016-02. The amortization of below market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2046. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt.

At December 31, 2019 and 2018, deferred revenue, intangibles, net and other liabilities consisted of the following:



($ in thousands)	2019		2018
Unamortized in-place lease liabilities	$	50,072	$	69,501
Retainages payable and other	2,254		2,489
Tenant rents received in advance	10,839		11,642
Lease liabilities	27,015		—
Total	$	90,180	$	83,632

The amortization of below market lease intangibles is included as a component of minimum rent in the accompanying consolidated statements and was $5.0 million, $8.9 million and $7.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows:



($ in thousands)
2020	$	3,192
2021	2,973
2022	2,772
2023	2,584
2024	2,474
Thereafter	36,077
Total	$	50,072