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Other Assets and Intangibles | 12 Months Ended
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Dec. 31, 2017
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] |
Other Assets and Intangibles |
5. | Other Assets and Intangibles
Other assets consist of the following (in thousands):
| December 31, |
| 2017 |  |  | 2016 |
Intangible assets: |  |  |  |  |  |  |
In-place leases, net | $ | 71,809 |  |  | $ | 99,600 |
Above-market leases, net |  | 14,391 |  |  |  | 20,405 |
Lease origination costs |  | 10,029 |  |  |  | 12,931 |
Tenant relationships, net |  | 86,178 |  |  |  | 108,662 |
Total intangible assets, net(A) |  | 182,407 |  |  |  | 241,598 |
Other assets: |  |  |  |  |  |  |
Prepaid expenses(B) |  | 10,806 |  |  |  | 26,842 |
Other assets |  | 3,869 |  |  |  | 6,274 |
Deposits |  | 5,076 |  |  |  | 5,965 |
Deferred charges, net |  | 7,901 |  |  |  | 4,731 |
Total other assets, net | $ | 210,059 |  |  | $ | 285,410 |
Below-market leases, net (other liabilities)(A) | $ | 127,513 |  |  | $ | 147,941 |
(A) | In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is written off.
(B) | Includes prepaid tax assets of $4.0 million and $16.2 million at December 31, 2017 and 2016, respectively. During 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid a tax related to the estimated built-in gains associated with its real estate in Puerto Rico as part of an overall tax restructuring (Note 15). In 2017, the Company recorded a valuation allowance aggregating $10.8 million related to the prepaid tax based upon the results of the Company’s probability-weighted undiscounted cash flow impairment test.
Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions):
Year |  | Expense |
2017 |  | $ | 60.7 |
2016 |  |  | 72.1 |
2015 |  |  | 92.6 |
Estimated net future amortization associated with the Company’s intangible assets is as follows (in millions):
Year |  | Income |  |  | Expense |
2018 |  | $ | 7.1 |  |  | $ | 43.0 |
2019 |  |  | 7.8 |  |  |  | 32.4 |
2020 |  |  | 7.9 |  |  |  | 23.3 |
2021 |  |  | 8.1 |  |  |  | 17.5 |
2022 |  |  | 8.4 |  |  |  | 13.4 |

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