XML 88 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Intangibles
12 Months Ended
Dec. 31, 2014
Intangibles  
Intangibles

NOTE 9.    Intangibles

The Company’s intangible lease assets were (in thousands):

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Intangible lease assets

 

2014

 

2013

 

Lease-up intangibles

    

$

608,323 

    

$

578,143 

 

Above market tenant lease intangibles

 

 

163,146 

 

 

144,355 

 

Below market ground lease intangibles

 

 

58,939 

 

 

58,939 

 

Gross intangible lease assets

 

 

830,408 

 

 

781,437 

 

Accumulated depreciation and amortization

 

 

(349,395)

 

 

(291,595)

 

Net intangible lease assets

 

$

481,013 

 

$

489,842 

 

The remaining weighted average amortization period of intangible assets were 14 and 15 years at December 31, 2014 and 2013, respectively.

The Company’s intangible lease liabilities were (in thousands):

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Intangible lease liabilities

 

2014

 

2013

 

Below market lease intangibles

    

$

203,374 

    

$

201,234 

 

Above market ground lease intangibles

 

 

6,121 

 

 

6,121 

 

Gross intangible lease liabilities

 

 

209,495 

 

 

207,355 

 

Accumulated depreciation and amortization

 

 

(124,772)

 

 

(108,545)

 

Net intangible lease liabilities

 

$

84,723 

 

$

98,810 

 

The remaining weighted average amortization period of unfavorable market lease intangibles was approximately 9 years at both December 31, 2014 and 2013.

For the years ended December 31, 2014, 2013 and 2012, rental income includes additional revenues of $3 million, $9 million and $4 million, respectively, from the amortization of net below market lease intangibles. For the years ended December 31, 2014, 2013 and 2012, operating expenses include additional expense of $1 million each year from the amortization of net above market ground lease intangibles. For the years ended December 31, 2014, 2013 and 2012, depreciation and amortization expense includes additional expense of $60 million, $59 million and $44 million, respectively, from the amortization of lease-up and non-compete agreement intangibles.

Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter follows (in thousands):

 

 

 

 

 

 

 

 

 

 

    

Intangible

    

Intangible

 

 

 

Assets

 

Liabilities

 

2015

 

$

78,168 

 

$

17,069 

 

2016

 

 

73,480 

 

 

16,528 

 

2017

 

 

61,252 

 

 

14,101 

 

2018

 

 

46,403 

 

 

11,406 

 

2019

 

 

34,929 

 

 

8,800 

 

Thereafter

 

 

186,781 

 

 

16,819 

 

 

 

$

481,013 

 

$

84,723