Deferred Financing and Leasing Costs

12 Months Ended

Dec. 31, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

DEFERRED FINANCING AND LEASING COSTS

Deferred financing and leasing costs were comprised of the following as of December 31, 2013 and 2012 (in thousands):

	December 31,
	2013			2012
Deferred financing costs	$	36,882		$	32,023
Deferred leasing costs	193,015			188,181
Intangible - market rent	19,411			6,935
Intangible - origination value	118,077			25,577
	367,385			252,716
Accumulated amortization:
Deferred financing costs	(17,536		)	(14,465		)
Deferred leasing costs	(92,462		)	(92,580		)
Intangible - market rent	(4,185		)	(2,569		)
Intangible - origination value	(26,595		)	(13,773		)
	(140,778		)	(123,387		)
Deferred financing and leasing costs, net	$	226,607		$	129,329

Amortization of deferred financing costs was $4.1 million, $4.9 million and $5.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred leasing costs and intangible - origination value was $39.2 million, $24.0 million and $24.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

As of December 31, 2013, the remaining weighted-average amortization period was 3.7 years for intangible - market rent and 4.5 years for intangible - origination value.

The table above includes intangible - market rent assets. There were also $9.1 million and $5.4 million of unamortized market rent - intangible liabilities as of December 31, 2013 and 2012, respectively. Amortization of the aggregate asset and liability for intangible - market rent was expense of $290,000 for the year ended December 31, 2013, and was income of $491,000 and $536,000 for the years ended December 31, 2012 and 2011, respectively. These amounts were included as a decrease or increase in rental revenue in the accompanying consolidated statements of comprehensive income as appropriate.

The aggregate amortization of intangible - market rent is a decrease (increase) in rental revenue over the next five years and thereafter as follows (in thousands):

2014	$	2,628
2015	2,039
2016	1,542
2017	579
2018	176
Thereafter	(864		)
Total	$	6,100

The aggregate amortization expense for intangible - origination value for the next five years and thereafter is as follows (in thousands):

2014	$	29,808
2015	21,720
2016	16,193
2017	10,180
2018	5,782
Thereafter	7,799
Total	$	91,482