Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.6
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
Notes Receivable Included In Accounts Receivable
We include the following notes receivable balances in our accounts receivable balances (in thousands):
 
December 31,
 
2012
 
2010
Notes receivable, net
$
7,297

 
$
7,348

Deferred Financing Costs
As of December 31, 2012 and 2011 deferred financing costs were included in prepaid expenses and other assets were as follows (in thousands):
 
December 31,
 
2012
 
2011
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred financing costs
$
19,622

 
$
8,902

 
$
10,720

 
$
16,131

 
$
7,580

 
$
8,551

Amortization of Deferred Financing Costs
Amortization of deferred financing costs from continuing operations for the three years ended December 31, 2012 was as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Amortization of deferred financing costs
$
2,478

 
$
2,262

 
$
2,413

Deferred Leasing Costs
As of December 31, 2012 and 2011, deferred leasing costs included in prepaid expenses and other assets were as follows (in thousands):
 
December 31,
 
2012
 
2011
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred leasing costs
$
39,159

 
$
16,348

 
$
22,811

 
$
33,011

 
$
12,511

 
$
20,500

Amortization of Deferred Leasing Costs
Amortization and writes-offs of deferred leasing costs from continuing operations for the three years ended December 31, 2012 were as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Amortization of deferred leasing costs
$
4,514

 
$
4,530

 
$
4,357

Deferred Leasing Incentives
As of December 31, 2012 and 2011, deferred leasing incentives included in prepaid expenses and other assets were as follows (in thousands):
 
December 31,
 
2012
 
2011
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred leasing incentives
$
6,578

 
$
1,698

 
$
4,880

 
$
4,651

 
$
909

 
$
3,742

Amortization of Deferred Leasing Incentives
Amortization and write-offs of deferred leasing costs from continuing operations for the three years ended December 31, 2012 were as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Amortization of deferred leasing incentives
$
789

 
$
664

 
$
208

Depreciation Expense
Real estate depreciation expense from continuing operations for the three years ended December 31, 2012 was as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Real estate depreciation
$
76,824

 
$
69,753

 
$
63,372

Capitalized Interest Expense
nterest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2012 were as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Total interest expense from continuing operations
$
66,385

 
$
66,952

 
$
67,823

Capitalized interest
1,688

 
738

 
858

Interest expense, net of capitalized interest
$
64,697

 
$
66,214

 
$
66,965

Components of Fair Value of In-Place Leases
Balances, net of accumulated depreciation or amortization, as appropriate, of the components of the fair value of in-place leases at December 31, 2012 and 2011 were as follows (in thousands):
 
December 31,
 
2012
 
2011
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Tenant origination costs
$
58,444

 
$
32,839

 
$
25,605

 
$
55,640

 
$
25,479

 
$
30,161

Leasing commissions/absorption costs
90,327

 
48,163

 
42,164

 
86,705

 
34,738

 
51,967

Net lease intangible assets
14,794

 
7,665

 
7,129

 
14,422

 
5,679

 
8,743

Net lease intangible liabilities
32,093

 
22,336

 
9,757

 
31,991

 
19,293

 
12,698

Below-market ground lease intangible asset
12,080

 
956

 
11,124

 
12,080

 
766

 
11,314

Amortization of Fair Value In-Place Leases
Amortization of these combined components from continuing operations for the three years ended December 31, 2012 were as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Amortization
$
20,636

 
$
15,360

 
$
7,643

Components of Fair Value of In-Place Leases - Future Amortization
Amortization of these combined components from continuing operations over the next five years is projected to be as follows (in thousands):
2013
$
17,382

2014
14,837

2015
12,228

2016
8,984

2017
5,548