Investments in Real Estate	6 Months Ended
Jun. 30, 2011
Investments in Real Estate [Abstract]
Investments in Real Estate	3. Investments in Real Estate We acquire the land, buildings and improvements that are necessary for the successful operations of retail and other commercial enterprises. A. During the first six months of 2011, we invested $364.2 million in 36 new properties, and properties under development, with an initial weighted average contractual lease rate of 7.6%. These 36 new properties, and properties under development, are located in 19 states, contain over 3.4 million leasable square feet, and are 100% leased with an average lease term of 15.5 years. The initial weighted average contractual lease rate is computed by dividing the estimated aggregate base rent for the first year of each lease by the estimated total cost of the properties. Acquisition transaction costs of $913,000 were recorded to "general and administrative" expense on our consolidated statement of income, for the six months ended June 30, 2011. In March 2011, we announced the signing of definitive purchase agreements to acquire 33 single-tenant retail, distribution, office and manufacturing properties for approximately $544 million. Included in the $364.2 million invested, during the first six months of 2011, is $336.2 million invested in 22 of the 33 properties. In aggregate, the 33 properties to be acquired, in connection with this previously announced transaction, will be located in 17 different states and consist of approximately 3.8 million square feet of leasable space. The majority of the lease revenue from these single-tenant properties will be generated from investment grade tenants, or their operating subsidiaries, in 11 different industries. The average remaining lease term of these properties will be over 11 years and all of the properties have in-place leases. In comparison, during the first six months of 2010, we invested $289.0 million in 21 new properties with an initial weighted average contractual lease rate of 7.6%. These 21 properties are located in seven states, contain over 501,000 leasable square feet, and are 100% leased with an average lease term of 19.2 years. Acquisition transaction costs of $88,000 were recorded to "general and administrative" expense on our consolidated statement of income, for the six months ended June 30, 2010. During the first six months of 2011, we capitalized costs of $1.9 million on existing properties in our portfolio, consisting of $649,000 for re-leasing costs and $1.2 million for building and tenant improvements. In comparison, during the first six months of 2010, we capitalized costs of $1.6 million on existing properties in our portfolio, consisting of $636,000 for re-leasing costs and $966,000 for building and tenant improvements. B. During the first six months of 2011 and 2010, Crest did not invest in any new properties. Crest's property inventory, which is classified as held for investment, consisted of three properties with a net book value of $2.9 million at June 30, 2011 and $3.0 million at December 31, 2010. C. Of the $364.2 million invested by us in the first six months of 2011, approximately $336.2 million was used to acquire 22 properties with existing leases. Associated with these 22 properties, we recorded $64.5 million as the intangible value of the in-place leases, $18.6 million as the intangible value of above-market leases and $1.9 million as the intangible value of below-market leases. The value of the in-place and above-market leases are recorded to "other assets" on our consolidated balance sheet, and the value of the below-market leases are recorded to "other liabilities" on our consolidated balance sheet. The value of the in-place leases is amortized as "depreciation and amortization" expense, while the value of the above-market and below-market leases is amortized as "rental" revenue on our consolidated statements of income. All of these amounts are amortized over the life of the respective leases.

3. Investments in Real Estate

We acquire the land, buildings and improvements that are necessary for the successful operations of retail and other commercial enterprises.

A. During the first six months of 2011, we invested $364.2 million in 36 new properties, and properties under development, with an initial weighted average contractual lease rate of 7.6%. These 36 new properties, and properties under development, are located in 19 states, contain over 3.4 million leasable square feet, and are 100% leased with an average lease term of 15.5 years. The initial weighted average contractual lease rate is computed by dividing the estimated aggregate base rent for the first year of each lease by the estimated total cost of the properties. Acquisition transaction costs of $913,000 were recorded to "general and administrative" expense on our consolidated statement of income, for the six months ended June 30, 2011.

In March 2011, we announced the signing of definitive purchase agreements to acquire 33 single-tenant retail, distribution, office and manufacturing properties for approximately $544 million. Included in the $364.2 million invested, during the first six months of 2011, is $336.2 million invested in 22 of the 33 properties. In aggregate, the 33 properties to be acquired, in connection with this previously announced transaction, will be located in 17 different states and consist of approximately 3.8 million square feet of leasable space. The majority of the lease revenue from these single-tenant properties will be generated from investment grade tenants, or their operating subsidiaries, in 11 different industries. The average remaining lease term of these properties will be over 11 years and all of the properties have in-place leases.

In comparison, during the first six months of 2010, we invested $289.0 million in 21 new properties with an initial weighted average contractual lease rate of 7.6%. These 21 properties are located in seven states, contain over 501,000 leasable square feet, and are 100% leased with an average lease term of 19.2 years. Acquisition transaction costs of $88,000 were recorded to "general and administrative" expense on our consolidated statement of income, for the six months ended June 30, 2010.

During the first six months of 2011, we capitalized costs of $1.9 million on existing properties in our portfolio, consisting of $649,000 for re-leasing costs and $1.2 million for building and tenant improvements. In comparison, during the first six months of 2010, we capitalized costs of $1.6 million on existing properties in our portfolio, consisting of $636,000 for re-leasing costs and $966,000 for building and tenant improvements.

B. During the first six months of 2011 and 2010, Crest did not invest in any new properties. Crest's property inventory, which is classified as held for investment, consisted of three properties with a net book value of $2.9 million at June 30, 2011 and $3.0 million at December 31, 2010.

C. Of the $364.2 million invested by us in the first six months of 2011, approximately $336.2 million was used to acquire 22 properties with existing leases. Associated with these 22 properties, we recorded $64.5 million as the intangible value of the in-place leases, $18.6 million as the intangible value of above-market leases and $1.9 million as the intangible value of below-market leases. The value of the in-place and above-market leases are recorded to "other assets" on our consolidated balance sheet, and the value of the below-market leases are recorded to "other liabilities" on our consolidated balance sheet. The value of the in-place leases is amortized as "depreciation and amortization" expense, while the value of the above-market and below-market leases is amortized as "rental" revenue on our consolidated statements of income. All of these amounts are amortized over the life of the respective leases.