Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2016		December 31, 2015
Intangible assets, net⁽¹⁾	$	64,345	$	71,446
Other receivables⁽²⁾	37,345		22,557
Other assets⁽³⁾	30,258		36,999
Restricted cash	22,722		26,657
Leasing costs, net⁽⁴⁾	13,362		19,393
Corporate furniture, fixtures and equipment, net⁽⁵⁾	5,038		4,405
Deferred expenses and other assets, net	$	173,070	$	181,457

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(1)

Intangible assets, net includes above market and in-place lease assets 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, net was $30.1 million and $37.3 million as of June 30, 2016 and December 31, 2015, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $1.2 million and $2.4 million for the three and six months ended June 30, 2016, respectively, and $1.4 million and $3.7 million for the three and six months ended June 30, 2015, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.6 million and $1.1 million for the three and six months ended June 30, 2016, respectively, and $0.7 million and $2.2 million for the three and six months ended June 30, 2015, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.


(2)	As of June 30, 2016, includes $1.7 million of receivables related to the sale of properties that was received in July.


(3)	As of December 31, 2015, includes a $7.0 million receivable related to the sale of a land and development asset in 2015 that was recognized in land development revenue during the three and six months ended June 30, 2016.


(4)	Accumulated amortization of leasing costs was $7.6 million and $9.8 million as of June 30, 2016 and December 31, 2015, respectively.


(5)	Accumulated depreciation on corporate furniture, fixtures and equipment was $8.6 million and $8.1 million as of June 30, 2016 and December 31, 2015, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2016		December 31, 2015
Other liabilities⁽¹⁾	$	81,822	$	80,332
Accrued expenses⁽²⁾	71,235		68,937
Accrued interest payable	49,876		55,081
Intangible liabilities, net⁽³⁾	9,893		10,485
Accounts payable, accrued expenses and other liabilities⁽⁴⁾	$	212,826	$	214,835

_______________________________________________________________________________

(1)

As of June 30, 2016 and December 31, 2015, "Other liabilities" includes $20.9 million and $14.5 million, respectively, related to profit sharing arrangements with developers for properties sold. As of June 30, 2016 and December 31, 2015, includes $4.6 million and $4.4 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of June 30, 2016 and December 31, 2015, "Other liabilities" also includes $6.3 million and $6.6 million, respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. As of June 30, 2016 and December 31, 2015, includes $2.3 million and $0.9 million, respectively, related to share repurchases that settled in July 2016 and January 2016, respectively. As of December 31, 2015, includes $6.0 million of deferred income in connection with the sale of a land and development asset in 2015. Of this amount, $7.0 million and $1.0 million were recognized in land development revenue and land development cost of sales, respectively, during the three and six months ended June 30, 2016. As of June 30, 2016, includes $0.8 million of deferred financing costs that had not yet been paid in cash. As of December 31, 2015, includes $5.7 million of deferred revenue in connection with the sale of a land and development asset in 2015 that was recognized in land development revenue during the six months ended June 30, 2016.


(2)	As of June 30, 2016 and December 31, 2015, accrued expenses includes $2.1 million and $5.3 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(3)

Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.8 million and $6.6 million as of June 30, 2016 and December 31, 2015, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.6 million for the three and six months ended June 30, 2016, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively. As of June 30, 2016, intangible liabilities includes $0.5 million associated with “Real estate available and held for sale" on the Company’s consolidated balance sheet.


(4)	As of June 30, 2016 and December 31, 2015, includes $30.4 million and $26.2 million, respectively, of capital expenditures that had not yet been paid in cash.

Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):



	As of
	June 30, 2016			December 31, 2015
Deferred tax assets (liabilities)	$	52,362		$	53,910
Valuation allowance	(52,362		)	(53,910		)
Net deferred tax assets (liabilities)	$	—		$	—