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7. Intangible Assets on Real Estate Acquisitions
Intangible assets on real estate acquisitions consisted of the following (in thousands):
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December 31, 2011 |
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December 31, 2010 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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In-place lease value
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$ |
151,361 |
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$ |
97,594 |
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$ |
53,767 |
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$ |
162,708 |
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$ |
92,380 |
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$ |
70,328 |
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Tenant relationship value
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45,940 |
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23,246 |
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22,694 |
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50,320 |
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21,603 |
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28,717 |
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Above-market cost arrangements
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12,416 |
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2,857 |
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9,559 |
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12,415 |
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1,387 |
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11,028 |
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Above-market leases
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10,118 |
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8,037 |
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2,081 |
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10,802 |
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8,193 |
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2,609 |
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Market concentration premium
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1,333 |
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314 |
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1,019 |
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1,333 |
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280 |
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1,053 |
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$ |
221,168 |
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$ |
132,048 |
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$ |
89,120 |
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$ |
237,578 |
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$ |
123,843 |
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$ |
113,735 |
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Amortization of the intangible asset categories set forth above totaled $28.3 million in 2011, $28.3 million in 2010 and $24.1 million in 2009. 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: 26 years; above-market leases: five years; and market concentration premium: 31 years. The approximate weighted average amortization period for all of the categories combined is 12 years. Estimated amortization expense associated with the intangible asset categories set forth above for the next five years is: $18.0 million for 2012; $13.8 million for 2013; $11.5 million for 2014; $9.5 million for 2015 and $8.2 million for 2016.
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