Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

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, 2013		December 31, 2012
Deferred financing fees, net(1)	$	33,929	$	26,629
Leasing costs, net(2)	20,277		20,205
Other receivables	9,498		11,517
Prepaid expenses	7,218		5,218
Corporate furniture, fixtures and equipment, net(3)	6,947		7,537
Derivative asset	2,471		—
Other assets	23,357		22,884
Deferred expenses and other assets, net	$	103,697	$	93,990

Explanatory Notes:

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(1) Accumulated amortization on deferred financing fees was $4.9 million and $4.1 million as of June 30, 2013 and December 31, 2012, respectively.

(2) Accumulated amortization on leasing costs was $5.6 million and $6.6 million as of June 30, 2013 and December 31, 2012, respectively.

(3) Accumulated depreciation on corporate furniture, fixtures and equipment was $5.9 million and $6.2 million as of June 30, 2013 and December 31, 2012, 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, 2013		December 31, 2012
Accrued interest payable	$	36,730	$	29,521
Accrued expenses	38,716		50,467
Property taxes payable	10,573		8,206
Unearned operating lease income	8,976		11,294
Security deposits and other investment deposits(1)	5,133		13,717
Derivative liabilities	2,043		3,435
Other liabilities	10,588		15,820
Accounts payable, accrued expenses and other liabilities	$	112,759	$	132,460

Explanatory Note:

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(1) During the six months ended June 30, 2013, $8.9 million of restricted cash collateralizing a letter of credit related to one of the Company's loan investments was disbursed.

Schedule of deferred tax assets and liabilities

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

	As of
	June 30, 2013			December 31, 2012
Deferred tax assets(1)	$	51,473		$	40,800
Valuation allowance	(51,473		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

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(1) Deferred tax assets as of June 30, 2013, include real estate basis differences of $32.0 million, net operating loss carryforwards of $6.5 million, investment basis differences of $8.5 million and capital loss carryforwards of $4.3 million. Deferred tax assets as of December 31, 2012, include real estate basis differences of $31.2 million, net operating loss carryforwards of $10.8 million and investment basis differences of $(1.2) million.