Leases

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

As Lessor [Text Block]

10.       LEASES

As Lessor

We lease space to tenants in retail centers and an office building. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases also provide for the payment by the lessee of additional rents based on a percentage of their sales.

Future base rental revenue under these non-cancelable operating leases is as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2012	$	153,304
2013		151,302
2014		148,684
2015		148,384
2016		138,570
Thereafter		1,367,758

These future minimum amounts do not include additional rents based on a percentage of tenants' sales. For the years ended December 31, 2011, 2010, and 2009, these rents were $574,000, $665,000, and $633,000, respectively.

Bloomberg accounted for $84,526,000, $83,137,000 and $77,988,000, or33%, 34% and 35% of our consolidated revenues in the years ended December 31, 2011, 2010 and 2009, respectively. No other tenant accounted for more than 10% of consolidated revenues in any of the last three years. If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to perform its obligations under its lease, it would adversely affect our results of operations and financial condition. We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis. In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.

As Lessee [Text Block]

10.       LEASES - continued

As Lessee

We are a tenant under two long-term ground leases. The Flushing property ground lease expires in 2027 and has one 10-year extension option. The ground lease under the marina adjacent to our Kings PlazaRegional Shopping Center expires in 2018 and has four 10-year extension options and one 9-year extension option. Future lease payments under these operating leases, excluding extension options, are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2012	$	802
2013		803
2014		802
2015		803
2016		802
Thereafter		8,203

Rent expense was $848,000 in each of the years ended December 31, 2011, 2010 and 2009and is primarily related to our Flushing ground lease.