INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2012

INTANGIBLE ASSETS, NET [Abstract]

INTANGIBLE ASSETS, NET

4. INTANGIBLE ASSETS, NET

Intangible assets with definite useful lives are amortized over their estimated lives and are tested for impairment whenever indicators of impairment arise. The following is a summary of other intangible assets as of September 30, 2012, and December 31, 2011, respectively (in thousands):

	September 30, 2012							December 31, 2011
	Gross Carrying Amount		Accumulated  Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Resident relationships	$	—	$	—		$	—	$	3,169	$	(3,167	)	$	2
Operating lease intangible and renewal options		—		—			—		11,665		(2,705	)		8,960
Non-compete agreements		331		(314	)		17		331		(265	)		66
Total	$	331	$	(314	)	$	17	$	15,165	$	(6,137	)	$	9,028

Amortization expense related to definite-lived intangible assets for the three and nine month periods ended September 30, 2012 and 2011 was $17 thousand and $0.3 million, and $0.4 million and $0.9 million, respectively.

The $8.7 million unamortized balance of the operating lease intangible was written off in the three month period ended June 30, 2012 in connection with the purchase of the underlying leased properties.

The remaining net book value of definite–lived intangible assets will be amortized by the end of 2012.