Other Assets and Other Liabilities

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



	As of
	June 30, 2014		December 31, 2013
Intangible assets, net(1)	$	57,060	$	100,652
Deferred financing fees, net(2)	42,519		33,591
Leasing costs, net(3)	22,609		21,799
Other receivables	22,548		34,655
Corporate furniture, fixtures and equipment, net(4)	5,917		6,557
Other assets	36,495		40,726
Deferred expenses and other assets, net	$	187,148	$	237,980

Explanatory Notes:

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(1)

Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $37.6 million and $38.1 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.6 million for the three and six months ended June 30, 2014, respectively, and $1.6 million and $3.2 million for the three and six months ended June 30, 2013. The amortization expense for other intangible assets was $1.7 million and $4.2 million for the three and six months ended June 30, 2014, respectively, and $2.5 million and $5.1 million for the three and six months ended June 30, 2013, respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations.


(2)	Accumulated amortization on deferred financing fees was $9.9 million and $9.9 million as of June 30, 2014 and December 31, 2013, respectively.


(3)	Accumulated amortization on leasing costs was $7.8 million and $7.1 million as of June 30, 2014 and December 31, 2013, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.6 million and $6.2 million as of June 30, 2014 and December 31, 2013, respectively.

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



	As of
	June 30, 2014		December 31, 2013
Accrued expenses	$	42,931	$	58,840
Accrued interest payable	35,971		40,015
Intangible liabilities, net(1)	12,798		26,223
Other liabilities	45,150		45,753
Accounts payable, accrued expenses and other liabilities	$	136,850	$	170,831

Explanatory Note:

_______________________________________________________________________________

(1)

Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.3 million and $4.6 million as of June 30, 2014 and December 31, 2013, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2013, respectively.

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



	As of
	June 30, 2014			December 31, 2013
Deferred tax assets(1)	$	55,661		$	55,962
Valuation allowance	(55,661		)	(55,962		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of June 30, 2014 include real estate basis differences of $39.8 million, investment basis differences of $8.5 million, net operating loss carryforwards of $5.0 million and other differences of $2.3 million. Deferred tax assets as of December 31, 2013 include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 million.