Acquired In-Place Leases

12 Months Ended

Dec. 31, 2013

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 $31.1 million and $31.8 million and accumulated amortization of $16.3 million and $14.3 million at December 31, 2013 and 2012, respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $111.1 million and $110.1 million and accumulated amortization of $34.9 million and $29.8 million at December 31, 2013 and 2012, 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 $2.8 million, $3.4 million and $2.4 million in 2013, 2012 and 2011, respectively and amortization from acquired below market leases of $5.9 million, $4.5 million and $3.8 million in 2013, 2012 and 2011, respectively. The remaining weighted-average amortization period as of December 31, 2013, is 6 years and 21.7 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,
2014	$	2,628	$	5,334
2015	2,499		5,059
2016	2,198		4,723
2017	1,574		4,352
2018	1,154		3,526
Thereafter	4,749		53,229
	$	14,802	$	76,223