Deferred Leasing Intangibles

6 Months Ended

Jun. 30, 2011

Deferred Leasing Intangibles

Deferred Leasing Intangibles

4. Deferred Leasing Intangibles

Deferred leasing intangibles included in total assets consisted of the following (in thousands):

	June 30, 2011			December 31, 2010
In-place leases	$	40,834		$	11,594
Less: Accumulated amortization	(8,970		)	(6,363		)
In-place leases, net	31,864			5,231
Above market leases	28,130			2,705
Less: Accumulated amortization	(2,436		)	(1,354		)
Above market leases, net	25,694			1,351
Tenant relationships	28,890			3,285
Less: Accumulated amortization	(2,580		)	(1,454		)
Tenant relationships, net	26,310			1,831
Leasing commission	14,438			5,492
Less: Accumulated amortization	(3,082		)	(2,398		)
Lease commission, net	11,356			3,094
Total deferred leasing intangibles, net	$	95,224		$	11,507

Deferred leasing intangibles included in total liabilities consisted of the following (in thousands):

	June 30, 2011			December 31,  2010
Below market leases	$	3,812		$	2,656
Less: Accumulated amortization	(1,896		)	(1,680		)
Total deferred leasing intangibles, net	$	1,916		$	976

Amortization expense related to in-place leases, lease commissions and tenant relationships of deferred leasing intangibles was $746 for the period January 1 to April 19, 2011, $130 for the period April 1 to April 19, 2011, $3,671 for the period April 20 to June 30, 2011, and $1,256 and $2,162 for the three and six months ended June 30, 2010, respectively. Rental income increased (decreased) by $2 for the period January 1 to April 19, 2011, $(2) for the period April 1 to April 19, 2011, and $(869) for the period April 20 to June 30, 2011, related to net amortization of above (below) market leases, respectively, and $40 and $14 for the three and six months ended June 30, 2010, respectively.

Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands):

	Estimated Net Amortization of In-Place Leases and Tenant Relationships		Net Decrease (Increase) to Rental Revenue Related to Above and Below Market Leases
Remainder of 2011	$	7,571	$	1,808
2012	13,288		3,562
2013	10,295		3,456
2014	9,181		3,125
2015	7,428		2,927