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Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Summary of minimum commitment  
Remaining 2012 $ 2,138
2013 3,095
2014 3,095
2015 3,095
2016 3,095
Thereafter 163,019
Total $ 177,537 [1],[2],[3],[4],[5]
[1] One of our ground lease obligations includes a component which is based on the percentage of gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every five years based on 50% of the average annual percentage rent for the previous five years. Currently, gross income does not exceed the threshold requiring us to pay percentage rent. The contractual obligations included above assumes the annual lease rental obligation in effect as of June 30, 2012.
[2] Reflects the minimum ground lease obligations before the impact of ground lease extension options.
[3] The contractual obligation included for one of our ground lease obligations assumes that the Company will exercise the land purchase option during 2012. The amount presented above excludes the estimated purchase price which is not to exceed $27.5 million.
[4] One of our ground lease obligations is subject to a fair market value adjustment every five years; however, the lease includes ground rent subprotection and infrastructure rent credits which currently limit our annual rental obligations to $1.0 million. The contractual obligations for that ground lease included above assumes the lesser of $1.0 million or annual lease rental obligation in effect as of June 30, 2012.
[5] One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations included above assumes the annual lease rental obligation in effect as of June 30, 2012.