Annual report pursuant to Section 13 and 15(d)

Accounting Policies Accounting Policies (Tables)

v2.4.0.6
Accounting Policies Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2011
Accounting Policies [Abstract]  
Notes Receivable Included In Accounts Receivable
We include the following notes receivable balances in our accounts receivable balances (in millions):
 
December 31, 2011
 
December 31, 2010
Notes receivable, net
$
7.3

 
$
8.1

Deferred Financing Costs
As of December 31, 2011 and 2010 deferred financing costs were included in prepaid expenses and other assets as follows (in millions):
 
December 31,
 
2011
 
2010
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred financing costs
$
16.1

 
7.6

 
$
8.5

 
$
13.8

 
6.7

 
$
7.1

Amortization of Deferred Financing Costs
Amortization of deferred financing costs for the three years ended December 31, 2011 was as follows (in millions):
 
2011
 
2010
 
2009
Deferred financing costs amortization
$
2.3

 
$
2.4

 
$
3.1

Deferred Leasing Costs
As of December 31, 2011 and 2010 deferred leasing costs were included in prepaid expenses and other assets as follows (in millions):
 
December 31,
 
2011
 
2010
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred leasing costs
$
33.4

 
12.7

 
$
20.7

 
$
31.6

 
12.1

 
$
19.5

Amortization of Deferred Leasing Costs
Amortization and writes-offs of deferred leasing costs for the three years ended December 31, 2011 were as follows (in millions):
 
2011
 
2010
 
2009
Deferred leasing costs amortization
$
4.6

 
$
4.4

 
$
4.0

Deferred Leasing Incentives
As of December 31, 2011 and 2010 deferred leasing incentives were included in prepaid expenses and other assets as follows (in millions):
 
December 31,
 
2011
 
2010
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Deferred leasing incentives
$
4.8

 
1.0

 
$
3.8

 
$
2.6

 
0.4

 
$
2.2

Amortization of Deferred Leasing Incentives
Amortization and write-offs of deferred leasing costs for the three years ended December 31, 2011 were as follows (in millions):
 
2011
 
2010
 
2009
Deferred leasing incentives amortization
$
0.7

 
$
0.2

 
$
0.1

Depreciation Expense
Real estate depreciation expense from continuing operations for the three years ended December 31, 2011 was as follows (in millions):
 
2011
 
2010
 
2009
Real estate depreciation
$
71.2

 
$
64.8

 
$
62.3

Capitalized Interest Expense
Total interest expense capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2010 was as follows (in millions):
 
2011
 
2010
 
2009
Capitalized interest
$
0.7

 
$
0.9

 
$
1.4

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, 2011 and 2010 are as follows (in millions):
 
December 31,
 
2011
 
2010
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Value
 
Accumulated
Amortization
 
Net
Tenant origination costs
$
55.7

 
$
25.5

 
$
30.2

 
$
40.5

 
$
19.6

 
$
20.9

Leasing commissions/absorption costs
$
86.7

 
$
34.8

 
$
51.9

 
$
58.0

 
$
24.9

 
$
33.1

Net lease intangible assets
$
14.5

 
$
5.7

 
$
8.8

 
$
7.6

 
$
4.3

 
$
3.3

Net lease intangible liabilities
$
32.0

 
$
19.3

 
$
12.7

 
$
29.8

 
$
16.1

 
$
13.7

Below-market ground lease intangible asset
$
12.1

 
$
0.8

 
$
11.3

 
$
12.1

 
$
0.6

 
$
11.5

Amortization of Fair Value In-Place Leases
Amortization of these components combined was as follows (in millions):
 
2011
 
2010
 
2009
Amortization
$
15.4

 
$
7.7

 
$
7.3

Components of Fair Value of In-Place Leases - Future Amortization
Amortization of these components combined over the next five years is projected to be as follows (in millions):
 
 
Amortization
2012
$
19.4

2013
$
15.8

2014
$
13.7

2015
$
11.3

2016
$
8.2