Deferred lease costs and other intangibles, net as of December 31, 2025 and 2024, consist of the following (in thousands):


	2025		2024
Deferred lease costs	$	95,405	$	101,562
Intangible assets:
Above market leases	50,837		44,863
Lease in place value	109,281		79,737
Tenant relationships	28,437		28,468
Other intangibles	48,624		41,394
	332,584		296,024
Accumulated amortization	(221,915)		(210,996)
Deferred lease costs and other intangibles, net	$	110,669	$	85,028

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2025 and 2024 were $32.8 million and $19.1 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, 2025, 2024 and 2023 was $19.5 million, $17.1 million and $8.8 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, 2025, 2024 and 2023 was $710,000, $(157,000) and $(275,000), 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)
2026	$	(962)	$	19,528
2027	(915)		14,591
2028	(1,101)		10,806
2029	(1,448)		7,169
2030	(1,696)		4,936
Total	$	(6,122)	$	57,030

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