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Other Assets and Other Liabilities | 3 Months Ended
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Mar. 31, 2015
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
| March 31, 2015 |  | December 31, 2014
Intangible assets, net(1) | $ | 80,429 |  |  | $ | 50,088 |
Other assets | 36,599 |  |  | 37,085 |
Deferred financing fees, net(2) | 35,494 |  |  | 36,774 |
Restricted cash | 19,124 |  |  | 19,283 |
Leasing costs, net(3) | 16,662 |  |  | 20,031 |
Other receivables | 10,802 |  |  | 13,115 |
Corporate furniture, fixtures and equipment, net(4) | 5,113 |  |  | 5,409 |
Deferred expenses and other assets, net | $ | 204,223 |  |  | $ | 181,785 |
Explanatory Notes: _______________________________________________________________________________
(1) | Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4). Accumulated amortization on intangible assets was $35.6 million and $45.1 million as of March 31, 2015 and December 31, 2014, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $2.0 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. The amortization expense for other intangible assets was $1.5 million and $2.5 million for the three months ended March 31, 2015 and 2014, 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 $18.3 million and $15.4 million as of March 31, 2015 and December 31, 2014, respectively.
(3) | Accumulated amortization on leasing costs was $8.6 million and $9.0 million as of March 31, 2015 and December 31, 2014, respectively.
(4) | Accumulated depreciation on corporate furniture, fixtures and equipment was $7.3 million and $7.1 million as of March 31, 2015 and December 31, 2014, respectively.
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
| As of
| March 31, 2015 |  | December 31, 2014
Other liabilities(1) | $ | 58,353 |  |  | $ | 48,256 |
Accrued interest payable | 45,077 |  |  | 57,895 |
Accrued expenses | 43,202 |  |  | 62,866 |
Intangible liabilities, net(2) | 11,619 |  |  | 11,885 |
Accounts payable, accrued expenses and other liabilities | $ | 158,251 |  |  | $ | 180,902 |
Explanatory Notes: _______________________________________________________________________________
(1) | As of March 31, 2015 and December 31, 2014, "Other liabilities" includes $10.3 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold. As of March 31, 2015 and December 31, 2014, "Other liabilities" also includes $7.5 million and $7.7 million, respectively, 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.
(2) | Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.5 million and $6.2 million as of March 31, 2015 and December 31, 2014, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three months ended March 31, 2015 and 2014, respectively.
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):
| As of
| March 31, 2015 |  | December 31, 2014
Deferred tax assets(1) | $ | 57,053 |  |  | $ | 54,318 |
Valuation allowance | (57,053 | ) |  | (54,318 | )
Net deferred tax assets (liabilities) | $ | — |  |  | $ | — |
Explanatory Note: _______________________________________________________________________________
(1) | Deferred tax assets as of March 31, 2015 include timing differences related primarily to real estate basis of $39.1 million, investment basis of $6.2 million, deferred expenses of $5.6 million, and net operating loss carryforwards of $3.9 million. Deferred tax assets as of December 31, 2014, include timing differences related primarily to real estate basis of $39.3 million, investment basis of $5.9 million, net operating loss carryforwards of $4.1 million, and deferred expenses of $2.7 million.

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