Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

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



	As of December 31,
	2018		2017
Intangible assets, net⁽¹⁾	$	156,281	$	27,124
Other receivables⁽²⁾	46,887		56,369
Restricted cash	42,793		20,045
Other assets⁽³⁾	32,333		23,081
Leasing costs, net⁽⁴⁾	6,224		9,050
Corporate furniture, fixtures and equipment, net⁽⁵⁾	3,850		4,652
Deferred financing fees, net	900		1,409
Deferred expenses and other assets, net	$	289,268	$	141,730

_______________________________________________________________________________

(1)

Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $135.3 million of intangible assets to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet. Accumulated amortization on intangible assets, net was $27.0 million and $34.9 million as of December 31, 2018 and 2017, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $2.2 million, $2.5 million and $3.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $7.2 million, $1.9 million and $1.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2018, the weighted average amortization period for the Company's intangible assets was approximately 22.3 years.


(2)	As of December 31, 2018 and 2017, includes $26.0 million of reimbursements receivable related to the construction and development of an operating property.


(3)	Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets.


(4)	Accumulated amortization of leasing costs was $4.4 million and $4.7 million as of December 31, 2018 and 2017, respectively.


(5)	Accumulated depreciation on corporate furniture, fixtures and equipment was $11.9 million and $10.5 million as of December 31, 2018 and 2017, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

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



	As of December 31,
	2018		2017
Other liabilities⁽¹⁾	$	143,808	$	79,015
Accrued expenses⁽²⁾	97,007		101,035
Accrued interest payable	42,669		49,933
Intangible liabilities, net⁽³⁾	35,108		8,021
Accounts payable, accrued expenses and other liabilities	$	318,592	$	238,004

_______________________________________________________________________________

(1)

As of December 31, 2018 and 2017, "Other liabilities" includes $18.5 million and $29.2 million, respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2018 and 2017, includes $0.5 million and $1.6 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017, "Other liabilities" also includes $9.4 million and $6.2 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, 2018 and 2017, accrued expenses includes $1.9 million and $2.5 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. On June 30, 2018, the Company consolidated the Net Lease Venture (refer to Note 7) and recorded $34.3 million of intangible liabilities to "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheet. Accumulated amortization on below market leases was $2.8 million and $7.8 million as of December 31, 2018 and 2017, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $3.9 million, $1.3 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the weighted average amortization period for the Company's intangible liabilities was approximately 22.8 years.

Schedule of expense from the amortization of lease intangible assets and liabilities

The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):



2019	$	8,833
2020	8,702
2021	8,701
2022	8,700
2023	8,579