XML 24 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Assets, Net
6 Months Ended
Jun. 30, 2018
Other Assets [Abstract]  
Other Assets, Net

4.

Other Assets, Net

Other assets consist of the following (in thousands):  

 

 

June 30, 2018

 

 

December 31, 2017

 

Intangible assets:

 

 

 

 

 

 

 

In-place leases, net

$

57,059

 

 

$

71,809

 

Above-market leases, net

 

10,978

 

 

 

14,391

 

Lease origination costs

 

8,048

 

 

 

10,029

 

Tenant relations, net

 

73,811

 

 

 

86,178

 

Total intangible assets, net(A)

 

149,896

 

 

 

182,407

 

Other assets:

 

 

 

 

 

 

 

Prepaid expenses(B)

 

12,086

 

 

 

10,806

 

Other assets(C)

 

8,321

 

 

 

3,869

 

Deposits

 

4,931

 

 

 

5,076

 

Deferred charges, net

 

6,834

 

 

 

7,901

 

Total other assets, net

$

182,068

 

 

$

210,059

 

 

(A)

The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $10.1 million and $16.0 million for the three months ended June 30, 2018 and 2017, respectively, and $22.0 million and $32.6 million for the six months ended June 30, 2018 and 2017, respectively.

 

(B)

Includes Puerto Rico prepaid tax assets of $4.0 million at December 31, 2017.  In connection with the spin-off of RVI, the Company wrote off the remaining $4.0 million prepaid tax assets to Other Income (Expense), net in the Company’s consolidated statements of operations.

 

(C)

Includes $4.8 million fair value of an interest rate cap at June 30, 2018 related to the $1.35 billion mortgage loan entered into in February 2018 in connection with the spin-off of RVI on July 1, 2018 (Notes 6 and 13).