Real Estate Intangibles

6 Months Ended

Jun. 30, 2011

4. Real Estate Intangibles

The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):


	June 30, 2011			December 31, 2010
Assets:
In place lease intangibles	$	269,915		$	182,030
Above market tenant leases		24,480			24,089
Below market ground leases		46,992			46,992
Lease commissions		6,275			4,968

Gross historical cost		347,662			258,079
Accumulated amortization		(91,591	)		(49,145	)

Net book value	$	256,071		$	208,934

Weighted-average amortization period in years		17.2			18.2

Liabilities:
Below market tenant leases	$	57,695		$	57,261
Above market ground leases		5,020			5,020

Gross historical cost		62,715			62,281
Accumulated amortization		(18,523	)		(15,992	)

Net book value	$	44,192		$	46,289

Weighted-average amortization period in years		12.5			14.0