Note 2 - Real Estate

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2.

    

Real Estate:

The Company’s components of Rental property consist of the following (in thousands):

	December 31,
	201 6			201 5
Land	$	2,786,255		$	2,660,722
Undeveloped land		58,931			67,535
Buildings and improvements:
Buildings		5,790,681			5,643,629
Building improvements		1,562,439			1,559,652
Tenant improvements		733,993			727,036
Fixtures and leasehold improvements		47,199			47,055
Above-market leases		150,207			155,451
In-place leases and tenant relationships		543,342			528,539
		11,673,047			11,389,619
Accumulated depreciation and amortization (1)		(2,278,292	)		(2,115,320	)
Total	$	9,394,755		$	9,274,299

(1) At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

In addition, at

December

31,

2016

and

2015,

the Company had intangible liabilities relating to below-market leases from property acquisitions of

$292.6

million and

$291.7

million, respectively, net of accumulated amortization of

$193.9

million and

$193.7

million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended

December

31,

2016,

2015

and

2014,

resulted in net increases to revenue of

$21.4

million,

$18.5

million and

$13.5

million, respectively. The Company’s amortization expense associated with leases in place and

tenant

relationships, which is included in depreciation and amortization, for the years ended

December

31,

2016,

2015

and

2014

was

$66.6

million,

$68.3

million and

$41.2

million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases,

tenant

relationships and leases in place for the next

five

years are as follows (in millions):

	2017			2018			2019			2020			202 1
Above-market and below-market leases amortization, net	$	10.7		$	10.8		$	11.3		$	11.5		$	11.5
In-place leases and tenant relationships amortization	$	(46.5	)	$	(34.1	)	$	(26.3	)	$	(19.3	)	$	(15.4	)