Deferred Revenue, Intangibles, Net and Other Liabilities

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Deferred Revenue, Intangibles, Net and Other Liabilities

Deferred Revenue, Intangibles, Net and Other Liabilities

Deferred revenue and other liabilities consist of the unamortized fair value of below market lease liabilities recorded in connection with purchase accounting, retainage payables for development and redevelopment projects, and tenant rent payments received in advance of the month in which they are due.  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 2046.  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.

At December 31, 2018 and 2017, deferred revenue, intangibles, net and other liabilities consisted of the following:

($ in thousands)	2018		2017
Unamortized in-place lease liabilities	$	69,501	$	83,117
Retainages payable and other	2,489		3,954
Tenant rents received in advance	11,642		9,493
Total	$	83,632	$	96,564

The amortization of below market lease intangibles is included as a component of minimum rent in the accompanying consolidated statements and was $8.9 million, $7.7 million and $13.5 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows:  

($ in thousands)
2019	$	4,552
2020	4,015
2021	3,693
2022	3,512
2023	3,404
Thereafter	50,325
Total	$	69,501