Identified Intangible Assets, Net

6 Months Ended

Jun. 30, 2011

Identified Intangible Assets, Net [Abstract]

Identified Intangible Assets, Net

5.  Identified Intangible Assets, Net

Identified intangible assets, net for our operating properties consisted of the following as of June 30, 2011 and December 31, 2010:

	June 30, 2011		December 31, 2010
In place leases, net of accumulated amortization of $53,380,000 and $42,361,000 as of June 30, 2011 and December 31, 2010, respectively (with a weighted average remaining life of 153 months and 154 months as of June 30, 2011 and December 31, 2010, respectively)	$	117,141,000	$	122,682,000
Above market leases, net of accumulated amortization of $7,768,000 and $5,971,000 as of June 30, 2011 and December 31, 2010, respectively (with a weighted average remaining life of 86 months and 89 months as of June 30, 2011 and December 31, 2010, respectively)		16,166,000		17,943,000
Tenant relationships, net of accumulated amortization of $32,934,000 and $23,561,000 as of June 30, 2011 and December 31, 2010, respectively (with a weighted average remaining life of 161 months and 168 months as of June 30, 2011 and December 31, 2010, respectively)		127,262,000		133,901,000
Below market leasehold interests, net of accumulated amortization of $935,000 and $526,000 as of June 30, 2011 and December 31, 2010, respectively (with a weighted average remaining life of 839 months and 855 months as of June 30, 2011 and December 31, 2010, respectively)		26,388,000		26,061,000
Total	$	286,957,000	$	300,587,000

For identified intangible assets, net associated with our properties classified as held for sale as of June 30, 2011 and December 31, 2010, see Note 3, Real Estate Investments, Net, Assets Held for Sale, and Discontinued Operations.

Amortization expense recorded on the identified intangible assets related to our operating properties for the three months ended June 30, 2011 and 2010 was $11,374,000 and $7,394,000, respectively, which included $891,000 and $718,000, respectively, of amortization recorded against rental income for above market leases and $205,000 and $83,000, respectively, of amortization recorded against rental expenses for below market leasehold interests. Amortization expense recorded on the identified intangible assets related to our operating properties for the six months ended June 30, 2011 and 2010 was $22,991,000 and $14,414,000, respectively, which included $1,799,000 and $1,319,000, respectively, of amortization recorded against rental income for above market leases and $409,000 and $160,000, respectively, of amortization recorded against rental expenses for below market leasehold interests.