Other Assets and Other Liabilities

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



	As of
	September 30, 2016		December 31, 2015
Intangible assets, net⁽¹⁾	$	63,586	$	71,446
Other receivables⁽²⁾	49,667		22,557
Other assets	31,649		36,999
Restricted cash	28,609		26,657
Leasing costs, net⁽³⁾	11,525		19,393
Corporate furniture, fixtures and equipment, net⁽⁴⁾	5,457		4,405
Deferred expenses and other assets, net	$	190,493	$	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 $31.4 million and $37.3 million as of September 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 $0.9 million and $3.3 million for the three and nine months ended September 30, 2016, respectively, and $1.8 million and $5.5 million for the three and nine months ended September 30, 2015, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.4 million and $1.5 million for the three and nine months ended September 30, 2016, respectively, and $0.9 million and $3.0 million for the three and nine months ended September 30, 2015, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.


(2)	As of September 30, 2016 and December 31, 2015, included $26.1 million and $11.3 million, respectively, of receivables related to the construction and development of an amphitheater (refer to Note 5).


(3)	Accumulated amortization of leasing costs was $6.1 million and $9.8 million as of September 30, 2016 and December 31, 2015, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $8.8 million and $8.1 million as of September 30, 2016 and December 31, 2015, respectively.

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



	As of
	September 30, 2016		December 31, 2015
Other liabilities⁽¹⁾	$	81,054	$	80,332
Accrued expenses⁽²⁾	69,711		68,937
Accrued interest payable	44,395		55,081
Intangible liabilities, net⁽³⁾	9,112		10,485
Accounts payable, accrued expenses and other liabilities	$	204,272	$	214,835

_______________________________________________________________________________

(1)

As of September 30, 2016 and December 31, 2015, "Other liabilities" includes $24.0 million and $14.5 million, respectively, related to profit sharing arrangements with developers for properties sold. As of September 30, 2016 and December 31, 2015, includes $3.0 million and $4.4 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2016 and December 31, 2015, "Other liabilities" also includes $6.5 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.


(2)	As of September 30, 2016 and December 31, 2015, accrued expenses includes $3.0 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 $6.2 million and $6.6 million as of September 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 $0.9 million for the three and nine months ended September 30, 2016, respectively, and $0.5 million and $1.2 million for the three and nine months ended September 30, 2015, respectively.

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



	As of
	September 30, 2016			December 31, 2015
Deferred tax assets (liabilities)	$	61,638		$	53,910
Valuation allowance	(61,638		)	(53,910		)
Net deferred tax assets (liabilities)	$	—		$	—