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Other Assets and Intangibles (Tables)
12 Months Ended
Dec. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Components of Other Assets

Other assets consist of the following (in thousands):  

 

 

December 31,

 

 

2018

 

 

2017

 

Intangible assets:

 

 

 

 

 

 

 

In-place leases, net

$

30,703

 

 

$

71,809

 

Above-market leases, net

 

6,833

 

 

 

14,391

 

Lease origination costs

 

4,045

 

 

 

10,029

 

Tenant relationships, net

 

35,838

 

 

 

86,178

 

Total intangible assets, net(A)

 

77,419

 

 

 

182,407

 

Other assets:

 

 

 

 

 

 

 

Prepaid expenses(B)

 

5,372

 

 

 

10,806

 

Other assets

 

3,612

 

 

 

3,869

 

Deposits

 

4,384

 

 

 

5,076

 

Deferred charges, net

 

5,767

 

 

 

7,901

 

Total other assets, net

$

96,554

 

 

$

210,059

 

 

 

 

 

 

 

 

 

Below-market leases, net (other liabilities)(A)

$

50,332

 

 

$

127,513

 

(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 adjusted to reflect the updated lease term.  

(B)

Included 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 these prepaid tax assets to Other Income (Expense), net in the Company’s consolidated statements of operations (Note 17).

Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases

Amortization expense related to the Company’s intangibles, excluding above- and below-market leases was as follows (in millions):

 

Year

 

Expense

 

2018

 

$

34.2

 

2017

 

 

60.7

 

2016

 

 

72.1

 

Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases

Estimated net future amortization associated with the Company’s intangible assets is as follows (in millions):

 

Year

 

Income

 

 

Expense

 

2019

 

$

3.6

 

 

$

17.9

 

2020

 

 

3.5

 

 

 

12.6

 

2021

 

 

3.5

 

 

 

9.9

 

2022

 

 

3.6

 

 

 

7.9

 

2023

 

 

3.7

 

 

 

6.2