Deferred Charges

12 Months Ended

Dec. 31, 2023

Deferred Costs [Abstract]

Deferred Charges

Deferred Charges

Deferred lease costs and other intangibles, net as of December 31, 2023 and 2022, consist of the following (in thousands):

	2023		2022
Deferred lease costs	$	98,933	$	89,103
Intangible assets:
Above market leases	41,535		36,085
Lease in place value	74,486		52,280
Tenant relationships	29,623		32,912
Other intangibles	40,458		40,651
	285,035		251,031
Accumulated amortization	(193,766)		(192,457)
Deferred lease costs and other intangibles, net	$	91,269	$	58,574

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2023 and 2022 were $18.1 million and $13.3 million, respectively.

Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2023, 2022 and 2021 was $8.8 million, $11.6 million and $10.7 million, respectively.

Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2023, 2022 and 2021 was $(275,000), $(1.0) million and $78,000, respectively.

Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands):

Year	Above/(Below) Market Leases, Net (1)		Lease Cost Intangibles (2)
2024	$	121	$	17,144
2025	(255)		12,072
2026	(544)		8,178
2027	(642)		5,779
2028	(718)		3,447
Total	$	(2,038)	$	46,620

(1)These net amounts are recorded as a reduction (increase) of base rentals.

(2)These amounts are recorded as an increase in depreciation and amortization.