Other Assets and Other Liabilities (Tables)
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3 Months Ended |
Mar. 31, 2016 |
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| Other Assets and Other Liabilities [Abstract] |
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| Schedule of deferred expenses and other assets, net |
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | | | | | | | | | | As of | | March 31, 2016 | | December 31, 2015 | Intangible assets, net(1) | $ | 69,647 |
| | $ | 71,446 |
| Other assets(2) | 39,428 |
| | 36,999 |
| Restricted cash | 24,152 |
| | 26,657 |
| Other receivables | 22,599 |
| | 22,557 |
| Leasing costs, net(3) | 18,855 |
| | 19,393 |
| Corporate furniture, fixtures and equipment, net(4) | 4,629 |
| | 4,405 |
| Deferred expenses and other assets, net | $ | 179,310 |
| | $ | 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 $38.1 million (refer to Note 4). Accumulated amortization on intangible assets, net was $37.7 million and $37.3 million as of March 31, 2016 and December 31, 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 $1.2 million and $2.3 million for the three months ended March 31, 2016 and 2015, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.5 million and $1.5 million for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. |
| | (2) | Includes a $7.0 million receivable related to the sale of a land parcel in 2015. |
| | (3) | Accumulated amortization of leasing costs was $9.4 million and $9.8 million as of March 31, 2016 and December 31, 2015, respectively. |
| | (4) | Accumulated depreciation on corporate furniture, fixtures and equipment was $8.3 million and $8.1 million as of March 31, 2016 and December 31, 2015, respectively. |
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| Schedule of accounts payable, accrued expenses and other liabilities |
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | | | | | | | | | | As of | | March 31, 2016 | | December 31, 2015 | Other liabilities(1) | $ | 85,327 |
| | $ | 80,332 |
| Accrued expenses(2) | 65,226 |
| | 68,937 |
| Accrued interest payable | 42,220 |
| | 55,081 |
| Intangible liabilities, net(3) | 10,190 |
| | 10,485 |
| Accounts payable, accrued expenses and other liabilities(4) | $ | 202,963 |
| | $ | 214,835 |
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_______________________________________________________________________________ | | (1) | As of March 31, 2016 and December 31, 2015, "Other liabilities" includes $14.5 million related to a profit sharing payable to a developer for residential units sold and $4.6 million and $4.4 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2016 and December 31, 2015, "Other liabilities" also includes $7.3 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. As of March 31, 2016 and December 31, 2015, includes $0.3 million and $0.9 million, respectively, related to share repurchases that settled in April 2016 and January 2016, respectively. As of March 31, 2016 and December 31, 2015, includes $6.0 million of deferred net revenue in connection with the sale of a land and development asset. As of March 31, 2016, includes $0.8 million of deferred financing costs that had not yet been paid in cash. As of December 31, 2015, included $5.7 million of deferred revenue in connection with the sale of a land and development asset in 2015. This amount was recognized in land development revenue during the three months ended March 31, 2016. |
| | (2) | As of March 31, 2016 and December 31, 2015, accrued expenses includes $3.9 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 $6.5 million and $6.6 million as of March 31, 2016 and December 31, 2015, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively. |
| | (4) | As of March 31, 2016 and December 31, 2015, includes $29.2 million and $26.2 million, respectively, of capital expenditures that had not yet been paid in cash. |
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| Schedule of deferred tax assets and liabilities |
Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands): | | | | | | | | | | As of | | March 31, 2016 | | December 31, 2015 | Deferred tax assets (liabilities)(1) | $ | 53,678 |
| | $ | 53,910 |
| Valuation allowance | (53,678 | ) | | (53,910 | ) | Net deferred tax assets (liabilities) | $ | — |
| | $ | — |
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_______________________________________________________________________________ | | (1) | Deferred tax assets as of March 31, 2016 include timing differences related primarily to asset basis of $36.0 million, deferred expenses and other items of $16.0 million and net operating loss ("NOL") carryforwards of $1.7 million. Deferred tax assets as of December 31, 2015, include timing differences related primarily to asset basis of $40.0 million, deferred expenses and other items of $10.7 million and NOL carryforwards of $3.2 million. |
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