Annual report pursuant to Section 13 and 15(d)

Deferred Charges

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Deferred Charges
 12 Months Ended
Dec. 31, 2024
Deferred Costs [Abstract]  
Deferred Charges Deferred Charges
Deferred lease costs and other intangibles, net as of December 31, 2024 and 2023, consist of the following (in thousands):
2024 2023
Deferred lease costs $ 101,562  $ 98,933 
Intangible assets:
Above market leases 44,863  41,535 
Lease in place value 79,737  74,486 
Tenant relationships 28,468  29,623 
Other intangibles 41,394  40,458 
296,024  285,035 
Accumulated amortization (210,996) (193,766)
Deferred lease costs and other intangibles, net $ 85,028  $ 91,269 

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2024 and 2023 were $19.1 million and $18.1 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, 2024, 2023 and 2022 was $17.1 million, $8.8 million and $11.6 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, 2024, 2023 and 2022 was $(157,000), $(275,000) and $(1.0) million, 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)
2025 $ (356) $ 13,831 
2026 (340) 9,937 
2027 (294) 7,183 
2028 (445) 4,591 
2029 (495) 3,521 
Total $ (1,930) $ 39,063 
(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.