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Other Assets and Other Liabilities
12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Other Assets and Other Liabilities

Note 8. Other Assets and Other Liabilities

 

The following table summarizes our other assets, net of amortization and depreciation, if applicable, at December 31 (in thousands):

 

 

 

2015

 

 

2014

 

Leasing commissions and other in-place lease intangibles

 

$

613,518

 

 

$

241,557

 

Rent leveling and above market leases

 

 

276,315

 

 

 

224,589

 

Prepaid assets

 

 

107,000

 

 

 

105,093

 

Fixed assets

 

 

94,178

 

 

 

86,927

 

Accounts receivable

 

 

89,611

 

 

 

103,445

 

Value added taxes receivable

 

 

86,115

 

 

 

86,331

 

Derivative assets

 

 

53,579

 

 

 

106,664

 

Management contracts

 

 

46,293

 

 

 

52,896

 

Other notes receivable

 

 

41,262

 

 

 

46,570

 

Deferred income taxes

 

 

14,650

 

 

 

7,887

 

Other

 

 

91,989

 

 

 

94,328

 

Totals

 

$

1,514,510

 

 

$

1,156,287

 

The following table summarizes our other liabilities, net of amortization, if applicable, at December 31 (in thousands):

 

 

 

2015

 

 

2014

 

Tenant security deposits

 

$

190,160

 

 

$

169,326

 

Income tax liabilities

 

 

81,125

 

 

 

85,200

 

Unearned rents

 

 

77,730

 

 

 

74,873

 

Below market leases

 

 

55,976

 

 

 

30,651

 

Deferred income

 

 

29,197

 

 

 

16,326

 

Environmental liabilities

 

 

21,484

 

 

 

10,878

 

Derivative liabilities

 

 

13,729

 

 

 

52,740

 

Value added taxes payable

 

 

10,272

 

 

 

13,358

 

Other

 

 

154,702

 

 

 

173,074

 

Totals

 

$

634,375

 

 

$

626,426

 

The expected future amortization of leasing commissions and other in-place lease intangibles into amortization expense of $613.5 million is summarized in the table below. We also expect our above and below market leases and rent leveling net assets, which total a net $220.3 million at December 31, 2015, to be amortized into rental revenue as follows (in thousands):

 

 

 

Amortization Expense

 

 

Net (Increase) Decrease to

Rental Revenue

 

2016

 

$

157,914

 

 

$

(15,421

)

2017

 

 

116,958

 

 

 

17,381

 

2018

 

 

82,876

 

 

 

25,903

 

2019

 

 

61,672

 

 

 

28,096

 

2020

 

 

46,599

 

 

 

28,103

 

Thereafter

 

 

147,499

 

 

 

136,277

 

Totals

 

$

613,518

 

 

$

220,339