Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net (Tables)
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9 Months Ended |
Sep. 30, 2012
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Intangible Assets and Liabilities Disclosure [Abstract] |
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Summary of identified deferred leasing costs and acquisition-related intangible assets and liabilities [Table Text Block] |
The following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, in-place leases and below-market ground lease obligation) and intangible liabilities (acquired value of below-market operating leases and above-market ground lease obligation) as of September 30, 2012 and December 31, 2011: | | | | | | | | | | September 30, 2012 | | December 31, 2011 | | (in thousands) | Deferred Leasing Costs and Acquisition-related Intangible Assets, net(1): | | | | Deferred leasing costs | $ | 153,288 |
| | $ | 142,652 |
| Accumulated amortization | (55,641 | ) | | (52,974 | ) | Deferred leasing costs, net | 97,647 |
| | 89,678 |
| Above-market operating leases | 27,927 |
| | 28,143 |
| Accumulated amortization | (10,691 | ) | | (8,101 | ) | Above-market operating leases, net | 17,236 |
| | 20,042 |
| In-place leases | 98,788 |
| | 61,355 |
| Accumulated amortization | (26,901 | ) | | (15,753 | ) | In-place leases, net | 71,887 |
| | 45,602 |
| Below-market ground lease obligation | 690 |
| | 200 |
| Accumulated amortization | (153 | ) | | — |
| Below-market ground lease obligation, net | 537 |
| | 200 |
| Total deferred leasing costs and acquisition-related intangible assets, net | $ | 187,307 |
| | $ | 155,522 |
| Acquisition-related Intangible Liabilities, net(1)(2): | | | | Below-market operating leases | $ | 70,036 |
| | $ | 37,582 |
| Accumulated amortization | (13,984 | ) | | (6,158 | ) | Below-market operating leases, net | 56,052 |
| | 31,424 |
| Above-market ground lease obligation | 6,320 |
| | 5,200 |
| Accumulated amortization | (97 | ) | | (37 | ) | Above-market ground lease obligation, net | 6,223 |
| | 5,163 |
| Total acquisition-related intangible liabilities, net | $ | 62,275 |
| | $ | 36,587 |
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________________________ | | (1) | Balances and accumulated amortization amounts at September 30, 2012 reflect the write-off of the following fully amortized amounts at January 1, 2012: deferred leasing costs (approximately $9.5 million), above-market leases (approximately $1.6 million), in-place leases (approximately $3.7 million), and below-market leases (approximately $1.0 million). |
| | (2) | Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets. |
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Schedule Of Finite Lived Intangible Assets and Liabilities Amortization Expense [Table Text Block] |
The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the three and nine months ended September 30, 2012 and 2011: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2012 | | 2011 | | 2012 | | 2011 | | (in thousands) | | (in thousands) | Deferred leasing costs(1) | $ | 5,238 |
| | $ | 4,317 |
| | $ | 14,126 |
| | $ | 12,053 |
| Above-market operating leases(2) | 1,459 |
| | 1,502 |
| | 4,205 |
| | 4,095 |
| In-place leases(1) | 6,479 |
| | 3,379 |
| | 14,858 |
| | 8,238 |
| Below-market ground lease obligation(3) | 52 |
| | — |
| | 153 |
| | — |
| Below-market operating leases(4) | (3,487 | ) | | (1,381 | ) | | (8,821 | ) | | (2,576 | ) | Above-market ground lease obligation(5) | (25 | ) | | 16 |
| | (60 | ) | | 21 |
| Total | $ | 9,716 |
| | $ | 7,833 |
| | $ | 24,461 |
| | $ | 21,831 |
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_________________________ | | (1) | The amortization of deferred leasing costs and in-place leases is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. |
| | (2) | The amortization of above-market operating leases is recorded as a decrease to rental income in the consolidated statements of operations for the periods presented. |
| | (3) | The amortization of the below-market ground lease obligation is recorded as an increase to ground lease expense in the consolidated statements of operations for the periods presented. |
| | (4) | The amortization of below−market operating leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented. |
| | (5) | The amortization of the above-market ground lease obligation is recorded as a decrease to ground lease expense in the consolidated statements of operations for the periods presented. |
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ScheduleofFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpense [Table Text Block] |
The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition−related intangibles as of September 30, 2012 for future periods: | | | | | | | | | | | | | | | | | | | | | | | | | Year | Deferred Leasing Costs | | Above-Market Operating Leases(1) | | In-Place Leases | | Below-Market Ground Lease Obligation(2) | |
Below-Market Operating Leases(3) | | Above-Market Ground Lease Obligation(4) | | (in thousands) | Remaining 2012 | $ | 5,599 |
| | $ | 1,485 |
| | $ | 6,950 |
| | $ | 52 |
| | $ | (3,497 | ) | | $ | (25 | ) | 2013 | 20,523 |
| | 5,293 |
| | 22,881 |
| | 8 |
| | (12,946 | ) | | (101 | ) | 2014 | 18,131 |
| | 4,313 |
| | 15,219 |
| | 8 |
| | (11,202 | ) | | (101 | ) | 2015 | 14,389 |
| | 2,534 |
| | 9,614 |
| | 8 |
| | (8,811 | ) | | (101 | ) | 2016 | 11,821 |
| | 1,506 |
| | 6,505 |
| | 8 |
| | (6,641 | ) | | (101 | ) | Thereafter | 27,184 |
| | 2,105 |
| | 10,718 |
| | 453 |
| | (12,955 | ) | | (5,794 | ) | Total | $ | 97,647 |
| | $ | 17,236 |
| | $ | 71,887 |
| | $ | 537 |
| | $ | (56,052 | ) | | $ | (6,223 | ) |
_______________________ | | (1) | Represents estimated annual amortization related to above-market operating leases. Amounts will be recorded as a decrease to rental income in the consolidated statements of operations. |
| | (2) | Represents estimated annual amortization related to below−market ground lease obligations. Amounts will be recorded as an increase to ground lease expense in the consolidated statements of operations. |
| | (3) | Represents estimated annual amortization related to below-market operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations. |
| | (4) | Represents estimated annual amortization related to above−market ground lease obligations. Amounts will be recorded as a decrease to ground lease expense in the consolidated statements of operations. |
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