Leases

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases [Text Block]

8.       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
2014	$	126,803
2015		127,885
2016		119,594
2017		120,932
2018		120,971
Thereafter		1,022,573

These future minimum amounts do not include additional rents based on a percentage of tenants' sales. For the years ended December 31, 2013, 2012, and 2011, these rents were $416,000, $416,000, and $427,000, respectively.

Bloomberg accounted for $88,164,000, $86,468,000 and $84,526,000, or45%, 45% and 46% of our totalrevenues in the years ended December 31, 2013, 2012 and 2011, 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 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

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
2014	$	700
2015		700
2016		700
2017		792
2018		800
Thereafter		6,466

Rent expense was $746,000 in each of the years ended December 31, 2013, 2012 and 2011.