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Intangible Assets and Below Market Lease Liabilities
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6 Months Ended |
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Jun. 30, 2012
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| Finite-Lived Intangible Assets [Line Items] |
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| Intangible Assets and Below Market Lease Liabilities |
Intangible Assets and Below Market Lease Liabilities The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization: | | | | | | | | | | June 30,
2012 | | December 31,
2011 | Assets: | | | | Deferred financing costs | $ | 20,112 |
| | $ | 18,044 |
| Less accumulated amortization | (7,488 | ) | | (5,797 | ) | | 12,624 |
| | 12,247 |
| Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 |
| | 172,049 |
| Less accumulated amortization | (63,084 | ) | | (56,522 | ) | | 114,056 |
| | 115,527 |
| Deferred financing and leasing costs, net | $ | 126,680 |
| | $ | 127,774 |
| | | | | Liabilities (in accounts payable, accrued expenses and other liabilities): | | | | Acquisition-related below market lease liabilities | $ | 16,346 |
| | $ | 16,441 |
| Less accumulated amortization | (1,966 | ) | | (971 | ) | | $ | 14,380 |
| | $ | 15,470 |
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The following table sets forth amortization of intangible assets and acquisition-related below market lease liabilities: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Amortization of deferred financing costs | $ | 900 |
| | $ | 821 |
| | $ | 1,802 |
| | $ | 1,642 |
| Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 |
| | $ | 4,401 |
| | $ | 13,706 |
| | $ | 8,757 |
| Amortization of lease incentives (in rental and other revenues) | $ | 340 |
| | $ | 303 |
| | $ | 683 |
| | $ | 641 |
| Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 |
| | $ | 191 |
| | $ | 594 |
| | $ | 377 |
| Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | | $ | (25 | ) | | $ | (1,097 | ) | | $ | (50 | ) |
5. Intangible Assets and Below Market Lease Liabilities - Continued
The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:
| | | | | | | | | | | | | | | | | | | | | | | | Amortization of Deferred Financing Costs | | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | | Amortization of Lease Incentives (in Rental and Other Revenues) | | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | July 1, 2012 through December 31, 2012 | | $ | 2,234 |
| | $ | 14,242 |
| | $ | 772 |
| | $ | 579 |
| | $ | (1,229 | ) | 2013 | | 3,262 |
| | 21,834 |
| | 1,167 |
| | 765 |
| | (2,081 | ) | 2014 | | 2,987 |
| | 17,877 |
| | 1,013 |
| | 504 |
| | (2,005 | ) | 2015 | | 2,264 |
| | 13,879 |
| | 779 |
| | 328 |
| | (1,768 | ) | 2016 | | 957 |
| | 10,880 |
| | 608 |
| | 280 |
| | (1,498 | ) | Thereafter | | 920 |
| | 25,453 |
| | 2,379 |
| | 717 |
| | (5,799 | ) | | | $ | 12,624 |
| | $ | 104,165 |
| | $ | 6,718 |
| | $ | 3,173 |
| | $ | (14,380 | ) |
The weighted average remaining amortization periods for deferred financing costs, deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization), lease incentives (in rental and other revenues), acquisition-related intangible assets (in rental and other revenues) and acquisition-related below market lease liabilities (in rental and other revenues) were 3.8 years, 6.2 years, 7.8 years, 5.7 years and 8.9 years, respectively, as of June 30, 2012.
In connection with the acquisition of an office property in Cary, NC in the second quarter of 2012, we recorded $2.7 million of in-place lease intangible assets with a weighted average amortization period of 6.3 years at the date of the acquisition. The contractual rents of the in-place lease acquired were determined to be at market.
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Highwoods Realty Limited Partnership [Member]
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| Finite-Lived Intangible Assets [Line Items] |
|
| Intangible Assets and Below Market Lease Liabilities |
Intangible Assets and Below Market Lease Liabilities The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization: | | | | | | | | | | June 30,
2012 | | December 31,
2011 | Assets: | | | | Deferred financing costs | $ | 20,112 |
| | $ | 18,044 |
| Less accumulated amortization | (7,488 | ) | | (5,797 | ) | | 12,624 |
| | 12,247 |
| Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 |
| | 172,049 |
| Less accumulated amortization | (63,084 | ) | | (56,522 | ) | | 114,056 |
| | 115,527 |
| Deferred financing and leasing costs, net | $ | 126,680 |
| | $ | 127,774 |
| | | | | Liabilities (in accounts payable, accrued expenses and other liabilities): | | | | Acquisition-related below market lease liabilities | $ | 16,346 |
| | $ | 16,441 |
| Less accumulated amortization | (1,966 | ) | | (971 | ) | | $ | 14,380 |
| | $ | 15,470 |
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The following table sets forth amortization of intangible assets and acquisition-related below market lease liabilities: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Amortization of deferred financing costs | $ | 900 |
| | $ | 821 |
| | $ | 1,802 |
| | $ | 1,642 |
| Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 |
| | $ | 4,401 |
| | $ | 13,706 |
| | $ | 8,757 |
| Amortization of lease incentives (in rental and other revenues) | $ | 340 |
| | $ | 303 |
| | $ | 683 |
| | $ | 641 |
| Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 |
| | $ | 191 |
| | $ | 594 |
| | $ | 377 |
| Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | | $ | (25 | ) | | $ | (1,097 | ) | | $ | (50 | ) |
5. Intangible Assets and Below Market Lease Liabilities - Continued
The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:
| | | | | | | | | | | | | | | | | | | | | | | | Amortization of Deferred Financing Costs | | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | | Amortization of Lease Incentives (in Rental and Other Revenues) | | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | July 1, 2012 through December 31, 2012 | | $ | 2,234 |
| | $ | 14,242 |
| | $ | 772 |
| | $ | 579 |
| | $ | (1,229 | ) | 2013 | | 3,262 |
| | 21,834 |
| | 1,167 |
| | 765 |
| | (2,081 | ) | 2014 | | 2,987 |
| | 17,877 |
| | 1,013 |
| | 504 |
| | (2,005 | ) | 2015 | | 2,264 |
| | 13,879 |
| | 779 |
| | 328 |
| | (1,768 | ) | 2016 | | 957 |
| | 10,880 |
| | 608 |
| | 280 |
| | (1,498 | ) | Thereafter | | 920 |
| | 25,453 |
| | 2,379 |
| | 717 |
| | (5,799 | ) | | | $ | 12,624 |
| | $ | 104,165 |
| | $ | 6,718 |
| | $ | 3,173 |
| | $ | (14,380 | ) |
The weighted average remaining amortization periods for deferred financing costs, deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization), lease incentives (in rental and other revenues), acquisition-related intangible assets (in rental and other revenues) and acquisition-related below market lease liabilities (in rental and other revenues) were 3.8 years, 6.2 years, 7.8 years, 5.7 years and 8.9 years, respectively, as of June 30, 2012.
In connection with the acquisition of an office property in Cary, NC in the second quarter of 2012, we recorded $2.7 million of in-place lease intangible assets with a weighted average amortization period of 6.3 years at the date of the acquisition. The contractual rents of the in-place lease acquired were determined to be at market. |