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DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Unamortized in-place lease liabilities | $ | 149,279 |  |  | $ | 159,449 |
Retainages payable and other | 8,378 |  |  | 9,229 |
Tenant rents received in advance | 27,702 |  |  | 35,339 |
Lease liabilities | 68,037 |  |  | 68,925 |
| $ | 253,396 |  |  | $ | 272,942 |
Less: deferred revenue associated with investment property held for sale | (3,293) |  |  | — |
Deferred revenue and other liabilities | $ | 250,103 |  |  | $ | 272,942 |
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 $9.8 million and $11.6 million for the six months ended June 30, 2024 and 2023, respectively.

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