DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

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