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Other Assets and Other Liabilities | 9 Months Ended
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Sep. 30, 2014
Other Assets and Other Liabilities [Abstract] |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands):
| As of
| September 30, 2014 |  | December 31, 2013
Intangible assets, net(1) | $ | 54,336 |  |  | $ | 100,652 |
Deferred financing fees, net(2) | 39,675 |  |  | 33,591 |
Other receivables | 20,123 |  |  | 34,655 |
Leasing costs, net(3) | 18,175 |  |  | 21,799 |
Corporate furniture, fixtures and equipment, net(4) | 5,645 |  |  | 6,557 |
Other assets | 50,517 |  |  | 40,726 |
Deferred expenses and other assets, net | $ | 188,471 |  |  | $ | 237,980 |
Explanatory Notes: _______________________________________________________________________________
(1) | Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $40.4 million and $38.1 million as of September 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 $5.0 million for the three and nine months ended September 30, 2014, respectively, and $1.4 million and $4.6 million for the three and nine months ended September 30, 2013. The amortization expense for other intangible assets was $1.3 million and $5.5 million for the three and nine months ended September 30, 2014, respectively, and $1.9 million and $7.0 million for the three and nine months ended September 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 $12.5 million and $9.9 million as of September 30, 2014 and December 31, 2013, respectively.
(3) | Accumulated amortization on leasing costs was $8.2 million and $7.1 million as of September 30, 2014 and December 31, 2013, respectively.
(4) | Accumulated depreciation on corporate furniture, fixtures and equipment was $6.8 million and $6.2 million as of September 30, 2014 and December 31, 2013, respectively.
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
| As of
| September 30, 2014 |  | December 31, 2013
Accrued expenses | $ | 57,839 |  |  | $ | 58,840 |
Accrued interest payable | 44,361 |  |  | 40,015 |
Intangible liabilities, net(1) | 12,339 |  |  | 26,223 |
Other liabilities(2) | 45,440 |  |  | 45,753 |
Accounts payable, accrued expenses and other liabilities | $ | 159,979 |  |  | $ | 170,831 |
Explanatory Notes: _______________________________________________________________________________
(1) | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.8 million and $4.6 million as of September 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 $0.5 million and $2.1 million for the three and nine months ended September 30, 2014, respectively, and $0.9 million and $3.1 million for the three and nine months ended September 30, 2013, respectively.
(2) | As of September 30, 2014, "Other liabilities" includes $7.7 million related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels.
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):
| As of
| September 30, 2014 |  | December 31, 2013
Deferred tax assets(1) | $ | 52,723 |  |  | $ | 55,962 |
Valuation allowance | (52,723 | ) |  | (55,962 | )
Net deferred tax assets (liabilities) | $ | — |  |  | $ | — |
Explanatory Note: _______________________________________________________________________________
(1) | Deferred tax assets as of September 30, 2014 include real estate basis differences of $34.9 million, investment basis differences of $9.6 million, net operating loss carryforwards of $5.9 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.

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