Leases

12 Months Ended

Dec. 31, 2014

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
2015	$	127,877
2016		119,741
2017		121,079
2018		121,111
2019		118,537
Thereafter		903,901

These future minimum amounts do not include additional rents based on a percentage of tenants' sales. For the years ended December 31, 2014, 2013, and 2012, these rents were $108,000, $416,000, and $416,000, respectively.

Bloomberg accounted for $91,109,000, $88,164,000 and $86,468,000, or4,500% of our totalrevenues in each of the years ended December 31, 2014, 2013 and 2012, 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.

In October 2014, Bloomberg exercised its option to extend leases that were scheduled to expire in December 2015 covering 188,608 square feet of office space at our 731 Lexington Avenue property for a term of 5 years. We are currently in negotiations with Bloomberg to determine the rental rate for the extension period.

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
2015	$	700
2016		700
2017		792
2018		800
2019		800
Thereafter		5,666

Rent expense was $746,000 in each of the years ended December 31, 2014, 2013 and 2012.