Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):



	As of
	June 30, 2015		December 31, 2014
Intangible assets, net(1)	$	78,308	$	50,088
Other receivables	41,867		13,115
Deferred financing fees, net(2)	33,004		36,774
Restricted cash	32,742		19,283
Other assets	30,881		37,085
Leasing costs, net(3)	16,832		20,031
Corporate furniture, fixtures and equipment, net(4)	4,853		5,409
Deferred expenses and other assets, net	$	238,487	$	181,785

Explanatory Notes:

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(1)

Intangible assets, net are primarily related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $38.1 million (see Note 4). Accumulated amortization on intangible assets was $37.7 million and $45.1 million as of June 30, 2015 and December 31, 2014, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income on the Company's Consolidated Statements of Operations by $1.4 million and $3.7 million for the three and six months ended June 30, 2015, respectively, and $1.6 million and $4.0 million for the three and six months ended June 30, 2014, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for other intangible assets was $0.7 million and $2.2 million for the three and six months ended June 30, 2015, respectively, and $1.5 million and $3.8 million for the three and six months ended June 30, 2014, respectively. These amounts are included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations.


(2)	Accumulated amortization on deferred financing fees was $21.4 million and $15.4 million as of June 30, 2015 and December 31, 2014, respectively.


(3)	Accumulated amortization on leasing costs was $9.3 million and $9.0 million as of June 30, 2015 and December 31, 2014, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $7.5 million and $7.1 million as of June 30, 2015 and December 31, 2014, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):



	As of
	June 30, 2015		December 31, 2014
Other liabilities(1)	$	66,957	$	48,256
Accrued interest payable	55,530		57,895
Accrued expenses	49,854		62,866
Intangible liabilities, net(2)	11,265		11,885
Accounts payable, accrued expenses and other liabilities	$	183,606	$	180,902

Explanatory Notes:

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(1)

As of June 30, 2015 and December 31, 2014, "Other liabilities" includes $12.4 million and $6.8 million, respectively, related to a profit sharing payable to a developer for residential units sold. As of June 30, 2015 and December 31, 2014, "Other liabilities" also includes $7.3 million and $7.7 million, respectively, related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels.

(2)

Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $5.9 million and $6.2 million as of June 30, 2015 and December 31, 2014, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively, and $0.9 million and $1.6 million for the three and six months ended June 30, 2014, respectively.

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):



	As of
	June 30, 2015			December 31, 2014
Deferred tax assets(1)	$	64,793		$	54,318
Valuation allowance	(64,793		)	(54,318		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of June 30, 2015 include timing differences related primarily to real estate basis of $42.4 million, investment basis of $8.5 million, deferred expenses of $7.4 million, and net operating loss carryforwards of $4.2 million. Deferred tax assets as of December 31, 2014, include timing differences related primarily to real estate basis of $39.3 million, investment basis of $5.9 million, net operating loss carryforwards of $4.1 million, and deferred expenses of $2.7 million.