Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets on Real Estate Acquisitions

v2.4.0.6
Intangible Assets on Real Estate Acquisitions
 9 Months Ended
Sep. 30, 2012
Intangible Assets on Real Estate Acquisitions  
Intangible Assets on Real Estate Acquisitions
Intangible Assets on Real Estate Acquisitions

Intangible assets on real estate acquisitions consisted of the following (in thousands):


 
 
September 30, 2012
 
December 31, 2011
 
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
 Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Carrying Amount
In-place lease value
 
$
134,964

 
$
89,808

 
$
45,156

 
$
151,361

 
$
97,594

 
$
53,767

Tenant relationship value
 
46,827

 
22,192

 
24,635

 
45,940

 
23,246

 
22,694

Above-market cost arrangements
 
12,416

 
3,789

 
8,627

 
12,416

 
2,857

 
9,559

Above-market leases
 
8,925

 
7,278

 
1,647

 
10,118

 
8,037

 
2,081

Market concentration premium
 
1,333

 
339

 
994

 
1,333

 
314

 
1,019

 
 
$
204,465

 
$
123,406

 
$
81,059

 
$
221,168

 
$
132,048

 
$
89,120



Amortization of the intangible asset categories set forth above totaled $16.2 million in the nine months ended September 30, 2012 and $20.7 million in the nine months ended September 30, 2011. The approximate weighted average amortization periods of the categories set forth above follow: in-place lease value: seven years; tenant relationship value: eight years; above-market cost arrangements: 27 years; above-market leases: four years; and market concentration premium: 30 years. The approximate weighted average amortization period for all of the categories combined is ten years. Estimated amortization expense associated with the intangible asset categories set forth above for the next five years is: $4.3 million for the three months ending December 31, 2012; $14.3 million for 2013; $12.3 million for 2014; $10.6 million for 2015; $9.5 million for 2016; and $7.1 million for 2017.