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DEFERRED COSTS AND INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, deferred costs consisted of the following (in thousands):
December 31, 2024December 31, 2023
Acquired lease intangible assets$357,674 $433,771 
Deferred leasing costs and other89,762 74,662 
 447,436 508,433 
Less: accumulated amortization(206,589)(204,262)
$240,847 $304,171 
Less: deferred costs associated with investment property held for sale(2,634)— 
Deferred costs, net$238,213 $304,171 
The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2024 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
2025$6,722 $43,502 $50,224 
20264,777 30,030 34,807 
20273,402 20,561 23,963 
20282,363 16,167 18,530 
20291,124 11,128 12,252 
Thereafter1,405 26,882 28,287 
Total$19,793 $148,270 $168,063 
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,
202420232022
Amortization of deferred leasing costs, lease intangibles and other$77,224 $107,542 $150,245 
Amortization of above-market lease intangibles$9,479 $12,007 $13,562