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Other Assets and Other Liabilities | 9 Months Ended
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Sep. 30, 2019
Other Assets and Other Liabilities [Abstract] |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands):
| As of
| September 30, 2019 |  | December 31, 2018
Intangible assets, net(1) | $ | 176,557 |  |  | $ | 156,281 |
Restricted cash | 61,509 |  |  | 42,793 |
Finance lease right-of-use assets(2) | 145,528 |  |  | — |
Operating lease right-of-use assets(2) | 27,816 |  |  | — |
Other assets(3) | 23,826 |  |  | 32,333 |
Other receivables(4) | 42,129 |  |  | 46,887 |
Leasing costs, net(5) | 4,585 |  |  | 6,224 |
Corporate furniture, fixtures and equipment, net(6) | 2,980 |  |  | 3,850 |
Deferred financing fees, net | 2,498 |  |  | 900 |
Deferred expenses and other assets, net | $ | 487,428 |  |  | $ | 289,268 |
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(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 $30.5 million and $27.0 million as of September 30, 2019 and December 31, 2018, 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 $1.4 million for the three and nine months ended September 30, 2019, respectively, and $0.9 million and $1.6 million for the three and nine months ended September 30, 2018, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.4 million and $6.9 million for the three and nine months ended September 30, 2019, respectively, and $4.0 million and $4.7 million for the three and nine months ended September 30, 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.
(2) | Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average lease term is 9.7 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average lease term is 98.2 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019, the Company recognized $1.7 million and $3.0 million, respectively, in "Interest expense" and $0.3 million and $0.5 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three and nine months ended September 30, 2019, the Company recognized $0.9 million and $2.8 million, respectively, in "General and administrative" and $0.9 million and $2.6 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases.
(3) | Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets.
(4) | As of December 31, 2018, includes $26.0 million of reimbursements receivable related to the construction and development of an operating property that was received in 2019. As of September 30, 2019, includes $21.2 million of receivables held in escrow.
(5) | Accumulated amortization of leasing costs was $3.4 million and $4.4 million as of September 30, 2019 and December 31, 2018, respectively.
(6) | Accumulated depreciation on corporate furniture, fixtures and equipment was $12.8 million and $11.9 million as of September 30, 2019 and December 31, 2018, respectively.
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
| As of
| September 30, 2019 |  | December 31, 2018
Other liabilities(1) | $ | 85,273 |  |  | 143,325 |
Accrued expenses | 85,408 |  |  | 95,149 |
Finance lease liabilities (see table above) | 147,064 |  |  | — |
Intangible liabilities, net(2) | 49,185 |  |  | 35,108 |
Operating lease liabilities (see table above) | 27,830 |  |  | — |
Accrued interest payable | 23,916 |  |  | 42,669 |
Accounts payable, accrued expenses and other liabilities | $ | 418,676 |  |  | $ | 316,251 |
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(1) | As of September 30, 2019 and December 31, 2018, other liabilities includes $0.2 million and $18.5 million, respectively, related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2019 and December 31, 2018, other liabilities also includes $6.8 million and $9.4 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) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $4.5 million and $2.8 million as of September 30, 2019 and December 31, 2018, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.7 million and $1.8 million for the three and nine months ended September 30, 2019, respectively, and $3.1 million and $3.4 million for the three and nine months ended September 30, 2018, respectively.

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