OTHER LIABILITIES AND DEFERRED CREDITS

12 Months Ended

Dec. 31, 2012

OTHER LIABILITIES AND DEFERRED CREDITS

NOTE 8. OTHER LIABILITIES AND DEFERRED CREDITS

Other liabilities and deferred credits consist of the following (in thousands):

	December 31, 2012		December 31, 2011
Acquired below market leases, net	$	54,350	$	48,612
Prepaid rent and deferred revenue		6,383		4,784
Straight-line rent liability		63		433
Deferred rent expense		1,008		1,122
Deferred compensation		637		520
Deferred tax liability		320		—
Other liabilities		50		108
Total other liabilities and deferred credits	$	62,811	$	55,579

Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.