PREPAID EXPENSES AND OTHER ASSETS

6 Months Ended

Jun. 30, 2012

PREPAID EXPENSES AND OTHER ASSETS

PREPAID EXPENSES AND OTHER ASSETS

NOTE 12       PREPAID EXPENSES AND OTHER ASSETS

The following table summarizes the significant components of prepaid expenses and other assets.

	June 30,		December 31,
	2012		2011
Above-market tenant leases, net (Note 3)	$	930,097	$	1,163,754
Below-market ground leases, net (Note 3)	193,547		198,230
Security and escrow deposits	192,110		247,718
Real estate tax stabilization agreement, net (Note 3)	101,139		104,295
Prepaid expenses	47,557		51,928
Other non-tenant receivables	10,447		21,198
Prepaid finance costs	5,473		1,477
Deferred tax, net of valuation allowances	4,421		4,578
Other	16,599		12,357
Total prepaid expenses and other assets	$	1,501,390	$	1,805,535