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Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

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
			June 30, 2020						December 31, 2019
Intangible assets, net(1)			$	161,913					$	174,973
Restricted cash			46,297						45,034
Finance lease right-of-use assets(2)			144,468						145,209
Operating lease right-of-use assets(2)			50,832						34,063
Other assets(3)			17,637						17,534
Other receivables			11,904						16,846
Leasing costs, net(4)			2,954						3,793
Corporate furniture, fixtures and equipment, net(5)			2,333						2,736
Deferred financing fees, net			1,982						2,300
Deferred expenses and other assets, net			$	440,320					$	442,488

_______________________________________________________________________________

(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 $39.3 million and $33.4 million as of June 30, 2020 and December 31, 2019, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.5 million for the three months ended June 30, 2020 and 2019, respectively, and $0.7 million and $1.0 million for the six months ended June 30, 2020 and 2019, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.6 million and $2.2 million for the three months ended June 30, 2020 and 2019, respectively, and $5.3 million and $4.5 million for the six months ended June 30, 2020 and 2019, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of June 30, 2020, the weighted average amortization period for the Company's intangible assets was approximately 17.1 years.

(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 5.1% and the weighted average lease term is 8.8 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 97.5 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 months ended June 30, 2020 and 2019, the Company recognized $2.0 million and $1.0 million, respectively, in "Interest expense" and $0.4 million and $0.2 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the six months ended June 30, 2020 and 2019, the Company recognized $4.1 million and $1.3 million, respectively, in "Interest expense" and $0.7 million and $0.2 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 months ended June 30, 2020 and 2019, the Company recognized $1.2 million and $0.9 million, respectively, in "General and administrative" and $0.9 million and $0.6 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. During the six months ended June 30, 2020 and 2019, the Company recognized $2.2 million and $1.8 million, respectively, in "General and administrative" and $1.7 million and $1.8 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases.

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

(4)Accumulated amortization of leasing costs was $2.4 million and $3.3 million as of June 30, 2020 and December 31, 2019, respectively.

(5)Accumulated depreciation on corporate furniture, fixtures and equipment was $13.7 million and $13.1 million as of June 30, 2020 and December 31, 2019, 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
			June 30, 2020						December 31, 2019
Other liabilities(1)			$	80,757					81,709
Accrued expenses			82,860						83,778
Finance lease liabilities (see table above)			149,131						147,749
Intangible liabilities, net(2)			49,983						51,223
Operating lease liabilities (see table above)			51,330						34,182
Accrued interest payable			31,496						25,733
Accounts payable, accrued expenses and other liabilities			$	445,557					$	424,374

_______________________________________________________________________________

(1)As of June 30, 2020 and December 31, 2019, other liabilities includes $26.5 million and $27.5 million, respectively, of deferred income. As of June 30, 2020 and December 31, 2019, other liabilities includes $21.9 million and $8.7 million, respectively, of derivative liabilities. As of June 30, 2020, other liabilities includes $2.4 million of expected credit losses for unfunded loan commitments.

(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 $6.3 million and $5.0 million as of June 30, 2020 and December 31, 2019, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.6 million for the three months ended June 30, 2020 and 2019, respectively, and $1.2 million and $1.1 million for the six months ended June 30, 2020 and 2019, 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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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=120391452&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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