Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2022

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):

	2022		2021
Acquired lease intangibles ⁽¹⁾	$	1,183,006	$	552,517
Lease right-of-use assets ⁽²⁾		735,430		459,364
Rent leveling		715,679		578,960
Leasing commissions		650,127		520,778
Accounts receivable		377,996		424,240
Prepaid assets		239,483		153,591
Derivative assets		227,236		91,047
Value added taxes receivable		143,317		133,034
Fixed assets		119,897		118,044
Other notes receivable		116,537		35,970
Management contracts		11,048		12,282
Deferred income taxes		5,732		8,926
Other		276,011		223,701
Total other assets	$	4,801,499	$	3,312,454

Acquired lease intangibles ⁽¹⁾	$	2,373,050	$	198,894
Lease liabilities ⁽²⁾		638,811		448,445
Tenant security deposits		419,409		373,432
Unearned rents		305,299		164,669
Environmental liabilities		209,935		86,920
Deferred income taxes		99,757		75,007
Indemnification liability		44,356		44,416
Deferred income		24,481		21,699
Value added taxes payable		15,160		17,556
Derivative liabilities		6,682		9,675
Liabilities associated with assets held for sale or contribution		4,536		10,631
Other		305,033		324,845
Total other liabilities	$	4,446,509	$	1,776,189

(1)

Included in acquired lease intangible assets and liabilities were $832.5 million of intangible assets and $2.3 billion of intangible liabilities from the Duke Transaction, respectively. These assets and liabilities will be amortized over the terms of the respective leases with a weighted average remaining lease term of 64 months. See Note 3 for more information.

(2)	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, 2022 (in thousands):

	Amortization Expense		Net Increase to Rental Revenues
2023	$	421,196	$	479,339
2024		323,562		343,066
2025		257,560		231,108
2026		202,120		157,520
2027		152,028		112,213
Thereafter		376,559		234,017
Total	$	1,733,025	$	1,557,263