Annual report pursuant to Section 13 and 15(d)

Deferred Charges, Goodwill And Other Assets

v2.4.0.8
Deferred Charges, Goodwill And Other Assets
12 Months Ended
Dec. 31, 2013
Deferred Charges, Goodwill And Other Assets [Abstract]  
Deferred Charges, Goodwill And Other Assets

5.    DEFERRED CHARGES, GOODWILL AND OTHER ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        December 31,

(dollars in thousands)

 

2013 

 

 

2012 

Deferred leasing costs

$

258,648 

 

$

267,197 

Deferred financing costs

 

25,366 

 

 

20,447 

 

 

284,014 

 

 

287,644 

Accumulated amortization

 

(131,669)

 

 

(131,613)

Deferred charges, net

 

152,345 

 

 

156,031 

Notes receivable (1)

 

21,986 

 

 

 -

In-place lease values, related intangibles and other assets, net (2) (3)

 

13,659 

 

 

19,284 

Goodwill

 

2,945 

 

 

2,945 

Prepaid expenses and other assets, net

 

27,584 

 

 

26,614 

 

 

 

 

 

 

Total deferred charges, goodwill and other assets

$

218,519 

 

$

204,874 

 

(1)Includes a mortgage receivable for $10.4 million and bearing interest at LIBOR plus six percent;  includes a note receivable for $8 million bearing interest at eight percent; and includes an interest-free note receivable with a net present value of $3.6 million as of December 31, 2013. 

(2)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market leases intangibles over the terms of the respective leases.  The impact of amortization the acquired above and below-market lease intangibles increased revenue by approximately $1.5 million, $1.4 million and $1.4 million for the years ended December 31, 2013,  2012 and 2011, respectively.  The following table summarizes the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (in thousands).    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired Above-

 

 

Acquired Below-

 

 

 

 

 

Market Lease

 

 

Market Lease

 

 

Total

Year

 

Intangibles

 

 

Intangibles

 

 

Amortization

2014

$

(629)

 

$

1,272 

 

$

643 

2015

 

(338)

 

 

564 

 

 

226 

2016

 

(288)

 

 

370 

 

 

82 

2017

 

(261)

 

 

364 

 

 

103 

2018

 

(233)

 

 

310 

 

 

77 

 

 

 

 

 

 

 

 

 

 

(3)

In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases.  The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $10.7 million, $10.2 million and $11.3 million for the years ended December 31, 2013, 2012 and 2011, respectively.  The following table summarizes the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (in thousands)

 

 

 

 

 

Year

 

 

 

2014 

 

$

5,891 
2015 

 

 

1,231 
2016 

 

 

1,224 
2017 

 

 

918 
2018 

 

 

 -