Intangible Asset, Net - Related Party

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset, Net - Related Party

INTANGIBLE ASSET, NET—RELATED PARTY

The intangible asset relates to the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture. The intangible asset will be amortized over the contract period based on the pattern in which the economic benefits are expected to be received.

The carrying amount and accumulated amortization of the intangible asset as of June 30, 2020 and December 31, 2019 were as follows (in thousands):

	June 30, 2020		December 31, 2019
Gross carrying amount	$	129,705	$	129,705
Accumulated amortization	(54,076)		(49,355)
Net book value	$	75,629	$	80,350

Intangible asset amortization expense, as a result of revenue recognition attributable to incentive compensation, was $2.3 million and $4.7 million for the three and six months ended June 30, 2020, respectively and $4.5 million and $8.8 million for the three and six months ended June 30, 2019, respectively. Amortization expense is included in the cost of management services in the accompanying condensed consolidated statements of operations.