Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

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, 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:

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(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.

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, 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:

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(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.

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, 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:

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(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.