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DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2023
Other Liabilities Disclosure [Abstract] |
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842). 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 2085. 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. As of December 31, 2023 and 2022, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Unamortized in-place lease liabilities | $ | 159,449 |  |  | $ | 188,815 |
Retainages payable and other | 9,229 |  |  | 12,110 |
Tenant rents received in advance | 35,339 |  |  | 29,947 |
Lease liabilities | 68,925 |  |  | 67,167 |
Deferred revenue and other liabilities | $ | 272,942 |  |  | $ | 298,039 |
The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $24.0 million, $18.4 million, and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands):
2024 | $ | 19,346 |
2025 | 13,186 |
2026 | 12,149 |
2027 | 10,274 |
2028 | 9,665 |
Thereafter | 94,829 |
Total | $ | 159,449 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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