Intangible Assets

9 Months Ended

Sep. 30, 2011

6. INTANGIBLE ASSETS

As of September 30, 2011 and December 31, 2010, the Company’s intangible assets were comprised of the following (in thousands):


	September 30, 2011
			Accumulated			Intangible Assets,
	Total Cost		Amortization			net

In-place lease value	$	104,581	$	(62,542	)	$	42,039
Tenant relationship value		79,110		(47,036	)		32,074
Above market leases acquired		16,037		(8,588	)		7,449

Total	$	199,728	$	(118,166	)	$	81,562


Below market leases acquired	$	79,966	$	(42,026	)	$	37,940


	December 31, 2010
			Accumulated			Intangible Assets,
	Total Cost		Amortization			net

In-place lease value	$	108,456	$	(63,010	)	$	45,446
Tenant relationship value		95,385		(52,113	)		43,272
Above market leases acquired		18,319		(9,575	)		8,744

Total	$	222,160	$	(124,698	)	$	97,462


Below market leases acquired	$	67,198	$	(37,965	)	$	29,233

As of September 30, 2011, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no early lease terminations):


	Assets		Liabilities
2011 (three months remaining)	$	7,282	$	1,964
2012		21,458		7,009
2013		13,303		6,493
2014		10,250		4,926
2015		7,699		2,751
Thereafter		21,570		14,797

Total	$	81,562	$	37,940

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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