Note 3 - Real Estate

12 Months Ended

Dec. 31, 2012

Real Estate Disclosure [Text Block]

3.   Real Estate:

The Company’s components of Rental property consist of the following (in thousands):

	December 31,
	2012			2011
Land	$	1,927,800		$	1,847,770
Undeveloped land		96,500			97,275
Buildings and improvements:
Buildings		4,607,931			4,513,339
Building improvements		1,091,810			1,024,514
Tenant improvements		708,626			715,951
Fixtures and leasehold improvements		59,690			56,827
Other rental property (1)		357,667			335,859
		8,850,024			8,591,535
Accumulated depreciation and amortization		(1,745,462	)		(1,693,090	)
Total	$	7,104,562		$	6,898,445

(1)  At December 31, 2012 and 2011, Other rental property (net of accumulated amortization of $212.9 million and $180.7 million, respectively), consisted of intangible assets including (i) $237,166 and $213,915, respectively, of in-place leases, (ii) $21,335 and $21,444, respectively, of tenant relationships, and (iii) $99,166 and $100,500, respectively, of above-market leases.

In addition, at December 31, 2012 and 2011, the Company had intangible liabilities relating to below-market leases from property acquisitions of  $167.2 million and $165.0 million, respectively, net of accumulated amortization of  $138.3 million and $120.5 million, respectively. These amounts are included in the caption Other liabilities in the Company’s Consolidated Balance Sheets.  The Company’s amortization expense associated with the above mentioned intangible assets and liabilities for the years ended December 31, 2012, 2011 and 2010 was  $15.4 million, $15.2 million and $12.6 million, respectively. The estimated net amortization expense associated with the Company’s intangible assets and liabilities for the next five years are as follows (in millions): 2013, $9.6; 2014, $1.7; 2015, $(0.8); 2016, $(3.4) and 2017, $(3.0).