Intangible Assets on Real Estate Acquisitions

12 Months Ended

Dec. 31, 2012

Intangible Assets on Real Estate Acquisitions

Intangible Assets on Real Estate Acquisitions

Intangible Assets on Real Estate Acquisitions

Intangible assets on real estate acquisitions consisted of the following (in thousands):

	December 31, 2012						December 31, 2011
	Gross Carrying Amount		Accumulated Amortization		Net  Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease value	$	134,964	$	93,362	$	41,602	$	151,361	$	97,594	$	53,767
Tenant relationship value	46,828		23,346		23,482		45,940		23,246		22,694
Above-market cost arrangements	12,416		4,100		8,316		12,416		2,857		9,559
Above-market leases	8,925		7,432		1,493		10,118		8,037		2,081
Market concentration premium	1,333		347		986		1,333		314		1,019
	$	204,466	$	128,587	$	75,879	$	221,168	$	132,048	$	89,120

Amortization of the intangible asset categories set forth above totaled $21.4 million in 2012, $28.3 million in 2011 and $28.3 million in 2010. The approximate weighted average amortization periods of the categories set forth above follow: in-place lease value: seven years; tenant relationship value: eight years; above-market cost arrangements: 28 years; above-market leases: four years; and market concentration premium: 30 years. The approximate weighted average amortization period for all of the categories combined is ten years. Estimated amortization expense associated with the intangible asset categories set forth above for the next five years is: $14.4 million for 2013; $12.3 million for 2014; $10.6 million for 2015; $9.5 million for 2016; and $7.1 million for 2017.