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Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

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
	March 31, 2018				December 31, 2017
Other receivables(1)	$	48,232			$	56,369
Intangible assets, net(2)	27,410				27,124
Other assets(3)	23,125				24,490
Restricted cash	20,421				20,045
Leasing costs, net(4)	9,675				9,050
Corporate furniture, fixtures and equipment, net(5)	4,598				4,652
Deferred financing fees, net	1,288				—
Deferred expenses and other assets, net	$	134,749			$	141,730

_______________________________________________________________________________

(1) As of March 31, 2018 and December 31, 2017, included $26.0 million of reimbursements receivable related to the construction and development of an operating property.

(2) 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 $35.1 million and $34.9 million as of March 31, 2018 and December 31, 2017, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.4 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.

(3) Other assets primarily includes prepaid expenses and deposits for certain real estate assets.

(4) Accumulated amortization of leasing costs was $4.6 million and $4.7 million as of March 31, 2018 and December 31, 2017, respectively.

(5) Accumulated depreciation on corporate furniture, fixtures and equipment was $10.8 million and $10.5 million as of March 31, 2018 and December 31, 2017, 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
	March 31, 2018				December 31, 2017
Other liabilities(1)	$	104,261			$	79,015
Accrued expenses(2)	75,995				101,035
Accrued interest payable	29,741				49,933
Intangible liabilities, net(3)	7,877				8,021
Accounts payable, accrued expenses and other liabilities	$	217,874			$	238,004

_______________________________________________________________________________

(1) As of March 31, 2018 and December 31, 2017, other liabilities includes $58.0 million and $29.2 million, respectively, related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2018 and December 31, 2017, includes $0.9 million and $1.6 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2018 and December 31, 2017, other liabilities also includes $4.8 million and $6.2 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 March 31, 2018 and December 31, 2017, accrued expenses includes $4.2 million and $2.5 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 lease liabilities was $7.1 million and $7.8 million as of March 31, 2018 and December 31, 2017, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively.

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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.

+ References

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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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