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Leases and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2011

Leases and Restricted Cash [Abstract]

Capital Lease Obligations

		December  31, 2011 $				December  31, 2010 $
RasGas II LNG Carriers			471,397				470,752
Spanish-Flagged LNG Carrier			—				81,881
Suezmax Tankers			175,650				185,501
Total			647,047				738,134
Less current portion			47,203				267,382
Total			599,844				470,752

Commitment under capital leases of RasGas II LNG Carriers and Suezmax Tankers

Year		Commitment
2012		$	24,000
2013		$	24,000
2014		$	24,000
2015		$	24,000
2016		$	24,000
Thereafter		$	881,128

Year		Commitment
2012		$	58,893
2013		$	76,443
2014		$	31,728
2015		$	3,593
2016		$	3,551
Thereafter		$	26,908

Estimated future minimum rental payments to be received and paid under the lease contracts

Year		Head Lease Receipts (1)				Sublease Payments  (1)(2)
2012		$	28,859			$	24,999
2013		$	28,843			$	24,999
2014		$	28,828			$	24,999
2015		$	22,188			$	24,999
2016		$	21,242			$	24,999
Thereafter		$	260,306			$	306,356
Total		$	390,266			$	431,351

⁽¹⁾  The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2011, the Partnership had received $120.1 million of aggregate Head Lease receipts and had paid $66.0 million of aggregate Sublease payments. Head Lease receipts are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2011, $35.3 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Partnership’s consolidated balance sheets.

⁽²⁾  The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law.

Net Investments in Direct Financing Leases

		December  31, 2011 $				December  31, 2010 $
Total minimum lease payments to be received			662,912				701,442
Estimated unguaranteed residual value of leased properties			194,965				194,965
Initial direct costs			554				587
Less unearned revenue			(448,890	)			(481,299	)
Total			409,541				415,695
Less current portion			6,074				5,635
Total			403,467				410,060

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- Definition

Capital lease obligations.

+ References

No definition available.

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Net investments in direct financing leases.

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Schedule of future minimum lease payments and receipt for operating lease.

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Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 840

-SubTopic 30

-Publisher FASB

-Number

-Article

-Subparagraph (b)

-Name Accounting Standards Codification

-Paragraph 1

-Section 50

-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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