Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

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
	June 30, 2012		December 31, 2011
Other receivables	$	19,639	$	13,943
Deferred financing fees, net(1)	17,573		21,443
Net lease in-place lease intangibles, net(2)	14,363		17,013
Leasing costs, net(3)	12,994		12,423
Derivative asset	8,660		—
Corporate furniture, fixtures and equipment, net(4)	8,086		9,034
Prepaid expenses	5,380		5,441
Other assets	18,605		28,555
Deferred expenses and other assets, net	$	105,300	$	107,852

Explanatory Notes:

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(1) Accumulated amortization on deferred financing fees was $19.4 million and $13.3 million as of June 30, 2012 and December 31, 2011, respectively.

(2) Represents unamortized finite lived intangible assets related to the prior acquisition of net lease assets. Accumulated amortization on net lease intangibles was $34.0 million and $33.4 million as of June 30, 2012 and December 31, 2011, respectively. Amortization expense related to these assets was $1.0 million and $1.7 million for the three months ended June 30, 2012 and 2011, respectively, and $2.3 million and $3.4 million for the six months ended June 30, 2012 and 2011, respectively.

(3) Accumulated amortization on leasing costs was $5.0 million and $5.5 million as of June 30, 2012 and December 31, 2011, respectively.

(4) Accumulated depreciation on corporate furniture, fixtures and equipment was $7.7 million and $8.1 million as of June 30, 2012 and December 31, 2011, 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
	June 30, 2012		December 31, 2011
Accrued interest payable	$	38,030	$	30,122
Accrued expenses	29,104		36,332
Security deposits and other investment deposits	12,463		12,192
Unearned operating lease income	8,917		10,073
Property taxes payable	8,274		6,495
Other liabilities	14,706		11,479
Accounts payable, accrued expenses and other liabilities	$	111,494	$	106,693

Schedule of deferred tax assets

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

	As of
	June 30, 2012			December 31, 2011
Deferred tax assets(1)	$	57,657		$	50,889
Valuation allowance	(57,657		)	(50,889		)
Deferred tax assets, net	$	—		$	—

Explanatory Notes:

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(1) Deferred tax assets as of June 30, 2012 primarily include real estate basis differences of $34.2 million, net operating loss carryforwards of $22.5 million and investment basis differences of $1.0 million. Deferred tax assets as of December 31, 2011 include real estate basis differences of $28.7 million, net operating loss carryforwards of $22.8 million, and investment basis differences of $(0.6) million.