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Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):

	As of
	September 30, 2013				December 31, 2012
Deferred financing fees, net(1)	$	31,435			$	26,629
Other receivables	27,784				11,517
Leasing costs, net(2)	21,292				20,205
Derivative asset	10,091				—
Prepaid expenses	9,918				5,218
Corporate furniture, fixtures and equipment, net(3)	6,776				7,537
Other assets	32,278				22,884
Deferred expenses and other assets, net	$	139,574			$	93,990

Explanatory Notes:

_______________________________________________________________________________

(1) Accumulated amortization on deferred financing fees was $7.4 million and $4.1 million as of September 30, 2013 and December 31, 2012, respectively.

(2) Accumulated amortization on leasing costs was $6.3 million and $6.6 million as of September 30, 2013 and December 31, 2012, respectively.

(3) Accumulated depreciation on corporate furniture, fixtures and equipment was $6.0 million and $6.2 million as of September 30, 2013 and December 31, 2012, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):

	As of
	September 30, 2013				December 31, 2012
Accrued expenses	$	41,378			$	50,467
Accrued interest payable	32,966				29,521
Property taxes payable	12,048				8,206
Unearned operating lease income	9,138				11,294
Derivative liabilities	8,164				3,435
Security deposits and other investment deposits(1)	7,644				13,717
Other liabilities	11,404				15,820
Accounts payable, accrued expenses and other liabilities	$	122,742			$	132,460

Explanatory Note:

_______________________________________________________________________________

(1) During the nine months ended September 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):

	As of
	September 30, 2013				December 31, 2012
Deferred tax assets(1)	$	46,978			$	40,800
Valuation allowance	(46,978		)		(40,800		)
Net deferred tax assets (liabilities)	$	—			$	—

Explanatory Note:

_______________________________________________________________________________

(1) Deferred tax assets as of September 30, 2013 include real estate basis differences of $30.9 million, net operating loss carryforwards of $8.6 million and investment basis differences of $7.5 million. Deferred tax assets as of December 31, 2012 include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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