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DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):
September 30, 2024December 31, 2023
Unamortized in-place lease liabilities$147,363 $159,449 
Retainages payable and other7,873 9,229 
Tenant rents received in advance29,349 35,339 
Lease liabilities67,563 68,925 
$252,148 $272,942 
Less: deferred revenue associated with investment property held for sale(3,296)— 
Deferred revenue and other liabilities$248,852 $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 $14.2 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively.