Note 2 - Real Estate

12 Months Ended

Dec. 31, 2015

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,
	2015			2014
Land	$	2,660,722		$	2,291,338
Undeveloped land		67,535			74,462
Buildings and improvements:
Buildings		5,643,629			4,909,152
Building improvements		1,559,652			1,349,028
Tenant improvements		727,036			658,868
Fixtures and leasehold improvements		47,055			61,122
Above market leases		155,451			121,774
In-place leases		509,435			399,293
Tenant relationships		19,104			20,858
		11,389,619			9,885,895
Accumulated depreciation and amortization (1)		(2,115,320	)		(1,955,406	)
Total	$	9,274,299		$	7,930,489

(1) At December 31, 2015 and 2014, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $357,581 and $290,748, respectively.

In addition, at December 31, 2015 and 2014, the Company had intangible liabilities relating to below-market leases from property acquisitions of $291.7 million and $255.4 million, respectively, net of accumulated amortization of $193.7 million and $169.8 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, 2015, 2014 and 2013, resulted in net increases to revenue of $18.5 million, $13.5 million and $11.5 million, respectively. The Company’s amortization expense associated with leases in place and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2015, 2014 and 2013 was $68.3 million, $41.2 million and $31.1 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above and below market leases, tenant relationships and leases in place for the next five years are as follows (in millions):

	2016			2017			2018			2019			2020
Above and below market leases amortization, net	$	10.3		$	9.9		$	9.9		$	10.5		$	10.8
Tenant relationships and leases in place amortization	$	(53.1	)	$	(39.0	)	$	(28.5	)	$	(22.1	)	$	(16.3	)