XML 36 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Deferred Leasing Costs and Acquisition-related Intangible Assets and Liabilities, net (Tables)
9 Months Ended
Sep. 30, 2013
Intangible Assets and Liabilities Disclosure [Abstract]  
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, 2013 and December 31, 2012:

 
September 30, 2013
 
December 31, 2012
 
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
 
 
 
Deferred leasing costs
$
170,609

 
$
168,087

Accumulated amortization
(59,943
)
 
(61,443
)
Deferred leasing costs, net
110,666

 
106,644

Above-market operating leases
28,842

 
27,977

Accumulated amortization
(14,038
)
 
(12,180
)
Above-market operating leases, net
14,804

 
15,797

In-place leases
108,612

 
101,061

Accumulated amortization
(44,476
)
 
(34,019
)
In-place leases, net
64,136

 
67,042

Below-market ground lease obligation
490

 
690

Accumulated amortization
(11
)
 
(205
)
Below-market ground lease obligation, net
479

 
485

Total deferred leasing costs and acquisition-related intangible assets, net
$
190,085

 
$
189,968

Acquisition-related Intangible Liabilities, net: (1)
 
 
 
Below-market operating leases
$
70,966

 
$
70,486

Accumulated amortization
(24,074
)
 
(17,555
)
Below-market operating leases, net
46,892

 
52,931

Above-market ground lease obligation
6,320

 
6,320

Accumulated amortization
(198
)
 
(122
)
Above-market ground lease obligation, net
6,122

 
6,198

Total acquisition-related intangible liabilities, net
$
53,014

 
$
59,129

_______________
(1)
Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets.

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, including amounts attributable to discontinued operations, for the three and nine months ended September 30, 2013 and 2012:

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(in thousands)
Deferred leasing costs (1)
$
6,945

 
$
5,238

 
$
20,882

 
$
14,126

Above-market operating leases (2)
1,417

 
1,459

 
4,214

 
4,205

In-place leases (1)
7,677

 
6,479

 
22,546

 
14,858

Below-market ground lease obligation (3)
2

 
52

 
6

 
153

Below-market operating leases (4)
(3,355
)
 
(3,487
)
 
(10,229
)
 
(8,821
)
Above-market ground lease obligation (5)
(25
)
 
(25
)
 
(76
)
 
(60
)
Total
$
12,661

 
$
9,716

 
$
37,343

 
$
24,461

_______________
(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.
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, 2013 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 2013
$
6,384

 
$
1,367

 
$
6,549

 
$
2

 
$
(3,201
)
 
$
(25
)
2014
23,533

 
4,837

 
19,053

 
8

 
(11,903
)
 
(101
)
2015
19,669

 
3,035

 
12,676

 
8

 
(9,385
)
 
(101
)
2016
16,920

 
2,007

 
9,445

 
8

 
(7,195
)
 
(101
)
2017
14,468

 
1,690

 
7,744

 
8

 
(6,127
)
 
(101
)
Thereafter
29,692

 
1,868

 
8,669

 
445

 
(9,081
)
 
(5,693
)
Total
$
110,666

 
$
14,804

 
$
64,136

 
$
479

 
$
(46,892
)
 
$
(6,122
)
_______________
(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.