Annual report pursuant to Section 13 and 15(d)

Intangible Assets on Real Estate Acquisitions

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Intangible Assets on Real Estate Acquisitions
 12 Months Ended
Dec. 31, 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):
 
 
December 31, 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

 
$
93,362

 
$
41,602

 
$
151,361

 
$
97,594

 
$
53,767

Tenant relationship value
 
46,828

 
23,346

 
23,482

 
45,940

 
23,246

 
22,694

Above-market cost arrangements
 
12,416

 
4,100

 
8,316

 
12,416

 
2,857

 
9,559

Above-market leases
 
8,925

 
7,432

 
1,493

 
10,118

 
8,037

 
2,081

Market concentration premium
 
1,333

 
347

 
986

 
1,333

 
314

 
1,019

 
 
$
204,466

 
$
128,587

 
$
75,879

 
$
221,168

 
$
132,048

 
$
89,120


Amortization of the intangible asset categories set forth above totaled $21.4 million in 2012, $28.3 million in 2011 and $28.3 million in 2010. 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: 28 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: $14.4 million for 2013; $12.3 million for 2014; $10.6 million for 2015; $9.5 million for 2016; and $7.1 million for 2017.