Other Assets and Other Liabilities

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



	As of December 31,
	2016		2015
Intangible assets, net⁽¹⁾	$	63,098	$	71,446
Other receivables⁽²⁾	52,820		22,557
Other assets	39,591		36,999
Restricted cash	25,883		26,657
Leasing costs, net⁽³⁾	12,566		19,393
Corporate furniture, fixtures and equipment, net⁽⁴⁾	5,691		4,405
Deferred expenses and other assets, net	$	199,649	$	181,457

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(1)

Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. This balance also includes a lease incentive asset of $32.8 million (refer to Note 4). Accumulated amortization on intangible assets, net was $32.6 million and $37.3 million as of December 31, 2016 and 2015, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $4.1 million, $6.7 million and $8.6 million for the years ended December 31, 2016, 2015, and 2014, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $1.9 million, $3.6 million and $6.7 million for the years ended December 31, 2016, 2015, and 2014, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.


(2)	As of December 31, 2016 and 2015, includes $26.0 million and $11.3 million, respectively, of receivables related to the construction and development of an amphitheater (refer to Note 5).


(3)	Accumulated amortization of leasing costs was $6.7 million and $9.8 million as of December 31, 2016 and 2015, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $9.0 million and $8.1 million as of December 31, 2016 and 2015, respectively.

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



	As of December 31,
	2016		2015
Other liabilities⁽¹⁾	$	75,993	$	80,332
Accrued expenses⁽²⁾	72,693		68,937
Accrued interest payable	54,033		55,081
Intangible liabilities, net⁽³⁾	8,851		10,485
Accounts payable, accrued expenses and other liabilities	$	211,570	$	214,835

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(1)

As of December 31, 2016 and 2015, "Other liabilities" includes $24.0 million and $14.5 million, respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2016 and 2015, includes $1.2 million and $4.4 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2016 and 2015, "Other liabilities" also includes $8.5 million and $6.6 million, respectively related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units.


(2)	As of December 31, 2016 and 2015, accrued expenses includes $1.7 million and $5.3 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.

(3)

Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.4 million and $6.6 million as of December 31, 2016 and 2015, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $1.1 million, $1.5 million and $2.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Intangible assets—The estimated expense from the amortization of lease incentives and in-place leases for each of the five succeeding fiscal years is as follows ($ in thousands):



2017	$	2,484
2018	2,135
2019	2,097
2020	2,068
2021	2,022