Leases

12 Months Ended

Dec. 31, 2012

Leases [Abstract]

Leases [Text Block]

9.       LEASES

As Lessor

We lease space to tenants in an office building and in retail centers. 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 may 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
2013	$	125,249
2014		125,536
2015		125,642
2016		117,257
2017		118,500
Thereafter		1,124,840

These future minimum amounts do not include additional rents based on a percentage of tenants' sales. For the years ended December 31, 2012, 2011, and 2010, these rents were $416,000, $427,000, and $418,000, respectively.

Bloomberg accounted for $86,468,000, $84,526,000 and $83,137,000, or45%, 46% and 48% of our totalrevenues in the years ended December 31, 2012, 2011 and 2010, respectively. No other tenant accounted for more than 10% of our totalrevenues 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 financial condition and results of operations. 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

We are a tenant undera long-term ground lease at our Flushing property, which expires in 2027 and has one 10-year extension option. Future lease payments under this operating lease, excluding the extension option, are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2013	$	700
2014		700
2015		700
2016		700
2017		792
Thereafter		7,266

Rent expense was $746,000 in each of the years ended December 31, 2012, 2011 and 2010.