v3.25.4
Deferred Revenue and Acquisition-Related Intangible Liabilities, net
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue and Acquisition-Related Intangible Liabilities, net Deferred Revenue and Acquisition-Related Intangible Liabilities, net
Deferred revenue and acquisition-related intangible liabilities, net consisted of the following:
December 31, 2025December 31, 2024
(in thousands)
Deferred revenue related to tenant-funded tenant improvements, net
$70,813 $81,738 
Other deferred revenue, net (1)
28,136 33,281 
Acquisition-related intangible liabilities, net (2)
26,679 27,418 
Total$125,628 $142,437 
_____________________
(1)Represents cash received in advance of revenue recognition, net of accumulated amortization.
(2)See Note 5 “Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net” for additional information regarding our acquisition-related intangible liabilities.

Deferred Revenue Related to Tenant-funded Tenant Improvements

During the years ended December 31, 2025, 2024, and 2023, $14.6 million, $19.1 million, and $20.7 million, respectively, of deferred revenue related to tenant-funded tenant improvements was amortized and recognized as rental income. The following is the estimated amortization of deferred revenue related to tenant-funded tenant improvements as of December 31, 2025 for the next five years and thereafter:
Year Ending(in thousands)
2026$12,933 
202711,619 
202810,457 
20299,726 
20309,037 
Thereafter17,041 
Total$70,813