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. 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 June 30, 2026 and December 31, 2025, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Unamortized in-place lease liabilities	$	101,628	$	110,038
Retainage payables and other	39,587		18,479
Tenant rents received in advance	27,279		31,456
Lease liabilities	64,128		65,343
	$	232,622	$	225,316
Less: deferred revenue associated with investment properties held for sale	—		(3,503)
Deferred revenue and other liabilities	$	232,622	$	221,813

The amortization of below-market lease liabilities is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $5.4 million and $12.9 million for the six months ended June 30, 2026 and 2025, respectively.