Note 2 - Real Estate

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

2.   Real Estate:

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

	December 31,
	2014			2013
Land	$	2,291,338		$	1,989,830
Undeveloped land		74,462			82,269
Buildings and improvements:
Buildings		4,909,152			4,572,740
Building improvements		1,349,028			1,168,959
Tenant improvements		658,868			725,570
Fixtures and leasehold improvements		61,122			61,015
Other rental property (1)		541,925			425,143
		9,885,895			9,025,526
Accumulated depreciation and amortization		(1,955,406	)		(1,878,681	)
Total	$	7,930,489		$	7,146,845

(1)  At December 31, 2014 and 2013, Other rental property (net of accumulated amortization of $290,748 and $252,810, respectively), consisted of intangible assets including (i) $399,293 and $290,838, respectively, of in-place leases, (ii) $20,858 and $21,326, respectively, of tenant relationships, and (iii) $121,774 and $112,979, respectively, of above-market leases.

In addition, at December 31, 2014 and 2013, the Company had intangible liabilities relating to below-market leases from property acquisitions of $255.4 million and $181.5 million, respectively, net of accumulated amortization of $169.8 million and $155.7 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above and below market leases for the years ended December 31, 2014, 2013, and 2012, resulted in net increases to revenue of $13.5 million, $11.5 million and $14.4 million, respectively. The estimated net amortization associated with the Company’s above and below market leases for the next five years are as follows (in millions): 2015, $13.7; 2016, $14.2; 2017, $13.0; 2018, $9.8 and 2019, $9.9.

The Company’s amortization expense associated with leases in place and tenant relationships for the years ended December 31, 2014, 2013 and 2012 was $41.2 million, $31.1 million and $28.1 million, respectively. The estimated net amortization associated with leases in place and tenant relationships over the next five years is as follows (in millions): 2015, $33.9; 2016, $26.7; 2017, $20.6; 2018, $15.7 and 2019, $12.2.