Schedule of Identified Intangible Assets and Liabilities, and Goodwill |
The following table summarized the amortization related to acquired above and below market lease costs and acquired in-place lease intangibles for the years ended December 31, 2012, 2011 and 2010. | | | | | | | | | | | | | | For the years ended | | December 31, 2012 | | December 31, 2011 | | December 31, 2010 | Amortization of: |
| |
| |
| Acquired above market lease costs | $ | (4,507 | ) | | $ | (5,076 | ) | | $ | (5,797 | ) | Acquired below market lease costs | $ | 6,771 |
| | $ | 6,767 |
| | $ | 6,218 |
| Net rental income increase | $ | 2,264 |
| | $ | 1,691 |
| | $ | 421 |
| Acquired in-place lease intangibles | $ | 56,645 |
| | $ | 63,157 |
| | $ | 71,148 |
|
The following table summarizes the Company’s identified intangible assets, intangible liabilities and goodwill as of December 31, 2012 and 2011. | | | | | | | | |
| Balance as of December 31, 2012 | | Balance as of December 31, 2011 | Intangible assets: |
| |
| Acquired in-place lease | $ | 573,711 |
| | $ | 601,959 |
| Acquired above market lease | 41,276 |
| | 37,624 |
| Acquired below market ground lease | 10,536 |
| | 8,825 |
| Advance bookings | 8,410 |
| | 5,924 |
| Accumulated amortization | (366,301 | ) | | (335,761 | ) | Net intangible assets | 267,632 |
| | 318,571 |
| Goodwill, net | 31,196 |
| | 7,761 |
| Total intangible assets, net | $ | 298,828 |
| | $ | 326,332 |
| Intangible liabilities: |
| |
| Acquired below market lease | $ | 101,430 |
| | $ | 99,187 |
| Acquired above market ground lease | 5,839 |
| | 5,840 |
| Accumulated amortization | (26,500 | ) | | (21,824 | ) | Net intangible liabilities | $ | 80,769 |
| | $ | 83,203 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities at December 31, 2012. | | | | | | | | | | | | | | | | | | | | | | | |
| 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | Thereafter | | Total | Amortization of: |
| |
| |
| |
| |
| |
| |
| Acquired above market lease costs | $ | (4,082 | ) | | (3,648 | ) | | (3,188 | ) | | (2,949 | ) | | (2,481 | ) | | (6,290 | ) | | $ | (22,638 | ) | Acquired below market lease costs | $ | 5,716 |
| | 5,313 |
| | 5,109 |
| | 4,941 |
| | 4,777 |
| | 50,017 |
| | $ | 75,873 |
| Net rental income increase | $ | 1,634 |
| | 1,665 |
| | 1,921 |
| | 1,992 |
| | 2,296 |
| | 43,727 |
| | $ | 53,235 |
| Acquired in-place lease intangibles | $ | 51,083 |
| | 37,832 |
| | 32,964 |
| | 29,836 |
| | 23,723 |
| | 58,663 |
| | $ | 234,101 |
| Advance bookings | $ | 1,730 |
| | 1,694 |
| | 557 |
| | — |
| | — |
| | — |
| | $ | 3,981 |
| Acquired below market ground lease | $ | (206 | ) | | (206 | ) | | (206 | ) | | (206 | ) | | (206 | ) | | (5,882 | ) | | $ | (6,912 | ) | Acquired above market ground lease | $ | 140 |
| | 140 |
| | 140 |
| | 140 |
| | 140 |
| | 4,196 |
| | $ | 4,896 |
|
|