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Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017				December 31, 2016
Intangible assets, net(1)	$	23,801			$	30,727
Other receivables(2)	45,321				52,820
Other assets	28,799				35,189
Restricted cash	21,690				25,883
Leasing costs, net(3)	10,303				11,802
Corporate furniture, fixtures and equipment, net(4)	4,806				5,691
Deferred expenses and other assets, net	$	134,720			$	162,112

_______________________________________________________________________________

(1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $34.1 million and $31.9 million as of September 30, 2017 and December 31, 2016, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.5 million and $2.0 million for the three and nine months ended September 30, 2017, respectively, and $0.8 million and $3.0 million for the three and nine months ended September 30, 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.3 million and $1.5 million for the three and nine months ended September 30, 2017, respectively, and $0.4 million and $1.5 million for the three and nine months ended September 30, 2016, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.

(2) As of September 30, 2017 and December 31, 2016, included $26.0 million of receivables related to the construction and development of an amphitheater.

(3) Accumulated amortization of leasing costs was $6.6 million and $6.7 million as of September 30, 2017 and December 31, 2016, respectively.

(4) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.2 million and $9.0 million as of September 30, 2017 and December 31, 2016, 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, 2017				December 31, 2016
Redemption of Series E and Series F preferred stock payable(1)	$	240,000			$	—
Series E and Series F preferred stock dividend payable(1)	1,830				—
Other liabilities(2)	78,000				75,993
Accrued expenses(3)	93,031				72,693
Accrued interest payable	45,612				54,033
Intangible liabilities, net(4)	7,901				8,851
Accounts payable, accrued expenses and other liabilities	$	466,374			$	211,570

_______________________________________________________________________________

(1) On September 19, 2017, the Company gave irrevocable notice to redeem all of its issued and outstanding Series E and Series F preferred stock, plus accrued and unpaid dividends to the redemption date, on October 20, 2017 (refer to Note 13).

(2) As of September 30, 2017 and December 31, 2016, other liabilities includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2017 and December 31, 2016, includes $3.0 million and $1.2 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of September 30, 2017 and December 31, 2016, other liabilities also includes $7.1 million and $8.5 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.

(3) As of September 30, 2017 and December 31, 2016, accrued expenses includes $2.6 million and $1.7 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(4) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.6 million and $6.4 million as of September 30, 2017 and December 31, 2016, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.2 million and $1.2 million for the three and nine months ended September 30, 2017, respectively, and $0.3 million and $0.9 million for the three and nine months ended September 30, 2016, respectively.

Schedule of deferred tax assets and liabilities

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

	As of
	September 30, 2017				December 31, 2016
Deferred tax assets (liabilities)	$	90,883			$	66,498
Valuation allowance	(90,883		)		(66,498		)
Net deferred tax assets (liabilities)	$	—			$	—

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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