Intangible Asset, Net - Related Party

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset, Net - Related Party

INTANGIBLE ASSET, NET—RELATED PARTY

In connection with the Company’s acquisition of the Management Company (see Note 4), the Company acquired an intangible asset related to the contract value of the incentive compensation provisions of the Management Company’s development management agreement with the Great Park Venture. The carrying amount and accumulated amortization of the intangible asset as of March 31, 2018 and December 31, 2017 were as follows (in thousands):

	March 31, 2018			December 31, 2017
Gross carrying amount	$	129,705		$	129,705
Accumulated amortization	(25,052		)	(2,112		)
Net book value	$	104,653		$	127,593

For the three months ended March 31, 2018, the Company recorded $3.7 million of amortization expense, which is included in the cost of management services in the accompanying condensed consolidated statement of operations, as a result of the recognition of revenue attributed to incentive compensation. Additionally, in connection with the transition adjustment recorded for the adoption of ASU No. 2014-09 on January 1, 2018, the Company

recorded an increase to accumulated amortization of $19.2 million (see Note 2). No amortization expense was recorded for the three months ended March 31, 2017.