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Note 8—Intangibles
The following is a summary of our intangibles as of December 31, 2011 and 2010:
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December 31, 2011 |
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December 31, 2010 |
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Balance |
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Remaining
Weighted Average
Amortization
Period in Years |
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Balance |
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Remaining
Weighted Average
Amortization
Period in Years |
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(Dollars in thousands)
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Intangible assets: |
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Above market lease intangibles |
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$ |
210,358 |
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10.1 |
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$ |
13,232 |
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7.1 |
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In-place and other lease intangibles |
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590,500 |
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22.4 |
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133,582 |
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18.3 |
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Other intangibles |
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16,169 |
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13.5 |
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13,649 |
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17.1 |
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Accumulated amortization |
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(188,442 |
) |
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N/A |
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(100,808 |
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N/A |
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Goodwill |
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448,393 |
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N/A |
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19,901 |
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N/A |
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Net intangible assets |
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$ |
1,076,978 |
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18.5 |
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$ |
79,556 |
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16.9 |
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Intangible liabilities: |
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Below market lease intangibles |
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$ |
442,612 |
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15.3 |
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$ |
22,398 |
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6.9 |
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Other lease intangibles |
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27,157 |
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7.9 |
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— |
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— |
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Accumulated amortization |
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(37,607 |
) |
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N/A |
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(12,495 |
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N/A |
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Purchase option intangibles |
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112,670 |
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N/A |
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— |
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— |
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Net intangible liabilities |
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$ |
544,832 |
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15.2 |
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$ |
9,903 |
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6.9 |
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Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements and trade names/trademarks) and goodwill are included in other assets on our Consolidated Balance Sheets. Below market lease, other lease and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets. For the years ended December 31, 2011, 2010 and 2009, our net amortization related to these intangibles was $62.5 million, $6.9 million and $1.9 million, respectively. The estimated net amortization related to these intangibles for each of the next five years is as follows: 2012—$82.9 million; 2013—$19.2 million; 2014—$14.4 million; 2015—$10.4 million; and 2016—$6.4 million. |