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Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2015				2014
Intangible assets, net(1)	$	71,446			$	50,088
Other assets(2)	35,464				37,085
Restricted cash	26,657				19,283
Deferred financing fees, net(3)	26,635				36,774
Other receivables	22,557				13,115
Leasing costs, net(4)	19,393				20,031
Corporate furniture, fixtures and equipment, net(5)	4,405				5,409
Deferred expenses and other assets, net	$	206,557			$	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 $37.3 million and $45.1 million as of December 31, 2015 and 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 $6.7 million, $8.6 million and $7.2 million for the years ended December 31, 2015, 2014, and 2013, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $3.6 million, $6.7 million and $8.2 million for the years ended December 31, 2015, 2014, and 2013, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.

(2) Includes a $7.0 million receivable in connection with the sale of a land parcel in December 2015.

(3) Accumulated amortization on deferred financing fees was $27.8 million and $15.4 million as of December 31, 2015 and 2014, respectively.

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

(5) Accumulated depreciation on corporate furniture, fixtures and equipment was $8.1 million and $7.1 million as of December 31, 2015 and 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 December 31,
	2015				2014
Accrued expenses(1)	$	68,937			$	62,866
Other liabilities(2)	80,332				48,256
Accrued interest payable	55,081				57,895
Intangible liabilities, net(3)	10,485				11,885
Accounts payable, accrued expenses and other liabilities(4)	$	214,835			$	180,902

_______________________________________________________________________________

(1) As of December 31, 2015 and 2014, accrued expenses includes $5.3 million and $2.7 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(2) As of December 31, 2015 and 2014, "Other liabilities" includes $14.5 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold and $4.4 million and $0.9 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2015 and 2014, "Other liabilities" also includes $6.6 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 December 31, 2015, includes $0.9 million related to share repurchases that settled in January 2016. As of December 31, 2015, includes $6.0 million of deferred net revenue in connection with the sale of a land and development asset (refer to Note 5).

(3) Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $6.6 million and $6.2 million as of December 31, 2015 and 2014, respectively. The amortization of intangible liabilities increased operating lease income in the Company's consolidated statements of operations by $1.5 million, $2.5 million and $2.8 million for the years ended December 31, 2015, 2014 and 2013, respectively.

(4) As of December 31, 2015 and 2014, includes $26.2 million and $15.2 million, respectively, of capital expenditures that have not yet been paid in cash.

Schedule of expense from the amortization of lease intangible assets and liabilities

The estimated expense from the amortization of lease intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):

2016	$	3,312
2017	3,127
2018	2,834
2019	2,768
2020	2,706

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