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DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):
December 31, 2024December 31, 2023
Unamortized in-place lease liabilities$142,035 $159,449 
Retainages payable and other8,317 9,229 
Tenant rents received in advance32,176 35,339 
Lease liabilities67,037 68,925 
$249,565 $272,942 
Less: deferred revenue associated with investment property held for sale(3,465)— 
Deferred revenue and other liabilities$246,100 $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 $19.6 million, $24.0 million, and $18.4 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024 for each of the next five years and thereafter are as follows (in thousands):
2025$14,600 
202612,110 
202710,126 
20289,504 
20298,294 
Thereafter87,401 
Total$142,035