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DEFERRED COSTS AND INTANGIBLES, NET | 12 Months Ended
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Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
DEFERRED COSTS AND INTANGIBLES, NET | DEFERRED COSTS AND INTANGIBLES, NET Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized internal commissions incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. As of December 31, 2023 and 2022, deferred costs consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Acquired lease intangible assets | $ | 433,771 |  |  | $ | 522,152 |
Deferred leasing costs and other | 74,662 |  |  | 66,842 |
| 508,433 |  |  | 588,994 |
Less: accumulated amortization | (204,262) |  |  | (179,166) |
Deferred costs, net | $ | 304,171 |  |  | $ | 409,828 |
The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands):
| Amortization of above-market leases |  | Amortization of acquired lease intangible assets |  | Total
2024 | $ | 8,935 |  |  | $ | 66,000 |  |  | $ | 74,935 |
2025 | 6,822 |  |  | 42,293 |  |  | 49,115 |
2026 | 4,865 |  |  | 28,974 |  |  | 33,839 |
2027 | 3,505 |  |  | 19,460 |  |  | 22,965 |
2028 | 2,432 |  |  | 15,376 |  |  | 17,808 |
Thereafter | 2,644 |  |  | 39,806 |  |  | 42,450 |
Total | $ | 29,203 |  |  | $ | 211,909 |  |  | $ | 241,112 |
The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income. The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income. The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Amortization of deferred leasing costs, lease intangibles and other | $ | 107,542 |  |  | $ | 150,245 |  |  | $ | 45,423 |
Amortization of above-market lease intangibles | $ | 12,007 |  |  | $ | 13,562 |  |  | $ | 3,483 |

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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