Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2021

NOTE 7. OTHER ASSETS AND OTHER LIABILITIES

The following table summarizes our other assets, net of amortization and depreciation, and other liabilities, net of amortization, if applicable, at December 31 (in thousands):

	2021		2020
Rent leveling	$	578,960	$	488,828
Acquired lease intangibles		552,517		726,821
Leasing commissions		520,778		425,995
Lease right-of-use assets ⁽¹⁾		459,364		492,801
Accounts receivable		424,240		189,356
Prepaid assets		153,591		138,726
Value added taxes receivable		133,034		146,270
Fixed assets		118,044		117,700
Derivative assets		91,047		1,667
Other notes receivable		35,970		44,751
Management contracts		12,282		13,610
Deferred income taxes		8,926		5,592
Other		223,701		156,892
Total other assets	$	3,312,454	$	2,949,009

Lease liabilities ⁽¹⁾	$	448,445	$	486,972
Tenant security deposits		373,432		342,627
Acquired lease intangibles		198,894		197,807
Unearned rents		164,669		152,536
Income tax liabilities		105,537		86,210
Environmental liabilities		86,920		69,930
Indemnification liability		44,416		45,129
Deferred income		21,699		15,437
Value added taxes payable		17,556		23,959
Liabilities associated with assets held for sale or contribution		10,631		16,214
Derivative liabilities		9,675		36,482
Other		294,315		274,674
Total other liabilities	$	1,776,189	$	1,747,977

(1)	For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4.

The following table summarizes the expected future amortization of leasing commissions and forgone rent (included in acquired lease intangibles above) into amortization expense and above and below market leases (included in acquired lease intangibles above) and rent leveling net assets into rental revenues, all based on the balances at December 31, 2021 (in thousands):

	Amortization Expense		Net Decrease (Increase) to Rental Revenues
2022	$	241,588	$	(53,070	)
2023		192,651		24,397
2024		151,053		56,904
2025		117,190		75,823
2026		87,226		72,319
Thereafter		199,398		287,882
Total	$	989,106	$	464,255