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Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015				December 31, 2014
Intangible assets, net(1)	$	73,588			$	50,088
Other assets	30,163				37,085
Deferred financing fees, net(2)	29,834				36,774
Restricted cash	28,125				19,283
Other receivables	24,146				13,115
Leasing costs, net(3)	18,920				20,031
Corporate furniture, fixtures and equipment, net(4)	4,621				5,409
Deferred expenses and other assets, net	$	209,397			$	181,785

_______________________________________________________________________________

(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 (refer to Note 4). Accumulated amortization on intangible assets was $35.5 million and $45.1 million as of September 30, 2015 and December 31, 2014, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $1.8 million and $5.5 million for the three and nine months ended September 30, 2015, respectively, and $1.6 million and $5.6 million for the three and nine months ended September 30, 2014, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $0.9 million and $3.0 million for the three and nine months ended September 30, 2015, respectively, and $1.1 million and $4.9 million for the three and nine months ended September 30, 2014, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.

(2) Accumulated amortization on deferred financing fees was $24.6 million and $15.4 million as of September 30, 2015 and December 31, 2014, respectively.

(3) Accumulated amortization on leasing costs was $9.8 million and $9.0 million as of September 30, 2015 and December 31, 2014, respectively.

(4) Accumulated depreciation on corporate furniture, fixtures and equipment was $7.8 million and $7.1 million as of September 30, 2015 and December 31, 2014, 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, 2015				December 31, 2014
Other liabilities(1)	$	76,770			$	48,256
Accrued expenses	60,017				62,866
Accrued interest payable	42,457				57,895
Intangible liabilities, net(2)	10,785				11,885
Accounts payable, accrued expenses and other liabilities	$	190,029			$	180,902

_______________________________________________________________________________

(1) As of September 30, 2015 and December 31, 2014, "Other liabilities" includes $13.6 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold. As of September 30, 2015 and December 31, 2014, "Other liabilities" also includes $6.9 million and $7.7 million, respectively, related to tax increment financing 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. As of September 30, 2015, includes $1.3 million related to treasury share repurchases that settled in October 2015.

(2) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $6.3 million and $6.2 million as of September 30, 2015 and December 31, 2014, respectively. The amortization of intangible liabilities increased operating lease income in the Company's consolidated statements of operations by $0.5 million and $1.2 million for the three and nine months ended September 30, 2015, respectively, and $0.5 million and $2.1 million for the three and nine months ended September 30, 2014, respectively.

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, 2015				December 31, 2014
Deferred tax assets(1)	$	64,165			$	54,318
Valuation allowance	(64,165		)		(54,318		)
Net deferred tax assets (liabilities)	$	—			$	—

_______________________________________________________________________________

(1) Deferred tax assets as of September 30, 2015 include timing differences related primarily to asset basis of $41.7 million, deferred expenses and other items of $18.9 million and net operating loss ("NOL") carryforwards of $3.6 million. Deferred tax assets as of December 31, 2014, include timing differences related primarily to asset basis of $45.2 million, NOL carryforwards of $4.1 million and deferred expenses and other items of $5.0 million.

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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.

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-Name Accounting Standards Codification



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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.

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