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Intangible Assets
 3 Months Ended
Mar. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
INTANGIBLE ASSETS
As of March 31, 2012 and December 31, 2011, the Company’s intangible assets were comprised of the following (in thousands):
 
March 31, 2012
 
Total Cost
 
Accumulated
Amortization
 
Intangible Assets,
net
In-place lease value
$
88,796

 
$
(56,520
)
 
$
32,276

Tenant relationship value
70,712

 
(45,493
)
 
25,219

Above market leases acquired
9,359

 
(2,885
)
 
6,474

Total
$
168,867

 
$
(104,898
)
 
$
63,969

Below market leases acquired
$
75,550

 
$
(42,272
)
 
$
33,278


 
December 31, 2011
 
Total Cost
 
Accumulated
Amortization
 
Intangible Assets,
net
In-place lease value
$
91,426

 
$
(55,498
)
 
$
35,928

Tenant relationship value
72,813

 
(45,114
)
 
27,699

Above market leases acquired
12,744

 
(5,856
)
 
6,888

Total
$
176,983

 
$
(106,468
)
 
$
70,515

Below market leases acquired
$
75,685

 
$
(40,579
)
 
$
35,106


As of March 31, 2012, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no early lease terminations):
 
Assets
 
Liabilities
2012
$
13,970

 
$
5,054

2013
12,414

 
6,312

2014
9,587

 
4,745

2015
7,193

 
2,597

2016
4,561

 
1,704

Thereafter
16,244

 
12,866

Total
$
63,969

 
$
33,278