Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2011

Intangible Assets and Liabilities [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

NOTE 2 INTANGIBLE ASSETS AND LIABILITIES

The following table summarizes our intangible assets and liabilities:

				Accumulated			Net
	Gross Asset			(Amortization)			Carrying
(In thousands)	(Liability)			/ Accretion			Amount
As of June 30, 2011
Tenant leases:
In-place value	$	11,738		$	(10,385	)	$	1,353
Above-market		1,820			(1,814	)		6
Below-market		—			—			—
Ground leases:
Above-market		(3,545	)		874			(2,671	)
Below-market		23,096			(2,247	)		20,849
As of December 31, 2010
Tenant leases:
In-place value	$	11,824		$	(10,221	)	$	1,603
Above-market		1,820			(1,701	)		119
Below-market		(77	)		77			—
Ground leases:
Above-market		(3,545	)		638			(2,907	)
Below-market		23,096			(2,078	)		21,018

The gross asset balances of the in-place value of tenant leases are included in Buildings and equipment in our consolidated balance sheets. The above-market and below-market tenant and ground leases are included in Prepaid expenses and other assets and Accounts payable and accrued expenses in our consolidated balance sheets.

Amortization/accretion of these intangible assets and liabilities decreased our income (excluding the impact of noncontrolling interests and the provision for income taxes) by $0.1 million and $0.3 million, respectively, for the three and six months ended June 30, 2011 and by $0.2 million and $0.4 million, respectively, for the three and six months ended June 30, 2010

Future amortization of these intangible assets and liabilities is estimated to decrease net income (excluding the impact of noncontrolling interests and the provision for income taxes) by approximately $0.2 million for the remainder of 2011 and $0.3 million in 2012, $0.2 million in 2013, $0.1 million in 2014 and $18.7 million thereafter.