Acquired In-Place Leases

12 Months Ended

Dec. 31, 2011

ACQUIRED IN-PLACE LEASES [Abstract]

ACQUIRED IN-PLACE LEASES

ACQUIRED IN-PLACE LEASES

Acquired above market leases are included in prepaid expenses and other assets and had a balance of $21.4 million and $20.6 million and accumulated amortization of $11.9 million and $9.9 million at December 31, 2011 and 2010, respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $57.2 million and $53.9 million and accumulated amortization of $26.3 million and $23.5 million at December 31, 2011 and 2010, respectively. The value allocated to in-place leases is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of operations. Rental income included amortization from acquired above market leases of $2.4 million, $2.0 million and $2.5 million in 2011, 2010 and 2009, respectively and amortization from acquired below market leases of $3.8 million, $3.6 million and $4.2 million in 2011, 2010 and 2009, respectively. The remaining weighted-average amortization period as of December 31, 2011, is 5.8 years and 11.1 years for above market leases and below market leases, respectively.

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:

	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2012	$	1,841	$	3,535
2013	1,350		3,128
2014	1,277		2,551
2015	1,204		2,381
2016	922		2,129
Thereafter	2,977		17,271
	$	9,571	$	30,995