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v3.25.1

DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Unamortized in-place lease liabilities | $ | 134,470 |  |  | $ | 142,035 |
Retainage payables and other | 8,597 |  |  | 8,317 |
Tenant rents received in advance | 29,066 |  |  | 32,176 |
Lease liabilities | 66,504 |  |  | 67,037 |
| $ | 238,637 |  |  | $ | 249,565 |
Less: deferred revenue associated with investment properties held for sale | (3,296) |  |  | (3,465) |
Deferred revenue and other liabilities | $ | 235,341 |  |  | $ | 246,100 |
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 $9.1 million and $5.0 million for the three months ended March 31, 2025 and 2024, respectively.

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