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Real Estate Acquired | 12 Months Ended
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Dec. 31, 2013
Real Estate [Abstract] |
Real Estate Acquired | REAL ESTATE ACQUIRED 4469 Connecticut Avenue In February 2011, the Company purchased for $1.6 million 4469 Connecticut Avenue, a vacant one space retail property, located adjacent to Van Ness Square in northwest Washington, DC and incurred acquisition costs of $74,000. Kentlands Square II In September 2011, the Company purchased for $74.5 million Kentlands Square II, a retail property located adjacent to the Company’s Kentlands Square I and Kentlands Place shopping centers in Gaithersburg, Maryland, and incurred acquisition costs of $1.1 million. Severna Park MarketPlace In September 2011, the Company purchased for $61.0 million Severna Park MarketPlace, a retail property located in Severna Park, Maryland, and incurred acquisition costs of $0.8 million. Cranberry Square In September 2011, the Company purchased for $33.0 million Cranberry Square, a retail property located in Westminster, Maryland, and incurred acquisition costs of $0.5 million. 1500 Rockville Pike In December 2012, the Company purchased for $22.4 million 1500 Rockville Pike, a retail property located in Rockville, Maryland, and incurred acquisition costs of $0.6 million. 5541 Nicholson Lane In December 2012, the Company purchased for $11.7 million 5541 Nicholson Lane, a retail property located in Rockville, Maryland, and incurred acquisition costs of $0.5 million. Kentlands pad In August 2013, the Company purchased for $4.3 million, a retail pad with a 7,100 square feet restaurant located in Gaithersburg, Maryland, which is contiguous with and an expansion of the Company's other Kentlands assets, and incurred acquisition costs of $99,000. Hunt Club pad In December 2013, the Company purchased for $0.8 million, including acquisition costs, a retail pad with a 5,500 square foot vacant building located in Apopka, Florida, which is contiguous with and an expansion of the Company's other Hunt Club asset. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their fair values. See Note 2. Summary of Significant Accounting Policies-Real Estate Investment Properties. During 2013, the Company purchased one property at a cost of $4.3 million and incurred acquisition costs of $106,000. Of the total purchase price, $2.0 million was allocated to buildings and $2.3 million was allocated to land. No amounts were allocated to in-place, above-market, or below-market leases. During 2012, the Company purchased two properties at an aggregate cost of $34.1 million and incurred acquisition costs of $1.1 million. Of the total purchase price, $3.8 million was allocated to buildings, $30.4 million was allocated to land, and $0.5 million was allocated to in-place leases and $0.7 million was allocated to below market leases which is included in deferred income and is being accreted to income over the lives of the underlying leases, which is approximately 3.1 years. During 2011, the Company purchased four properties at an aggregate cost of $170.1 million, and incurred acquisition costs of $2.5 million. Of the total purchase price, $5.5 million was allocated to below market leases which is included in deferred income and is being accreted to income over the lives of the underlying leases, or approximately 10.9 years, and $28,000 was allocated to above market leases, which is included as a deferred asset in accounts receivable and is being amortized against income over the lives of the underlying leases, which is approximately 4.1 years. The allocation of the purchase prices for Severna Park MarketPlace, Kentlands Square II, and Cranberry Square to the acquired assets and liabilities based on their fair values was as follows:
(In thousands) | Kentlands Square II |  | Severna Park MarketPlace |  | Cranberry Square |  | Three Property Total
Land | $ | 20,500 |  |  | $ | 12,700 |  |  | $ | 6,700 |  |  | $ | 39,900 |
Buildings | 51,973 |  |  | 50,554 |  |  | 24,878 |  |  | 127,405 |
In-Place Leases | 2,697 |  |  | 2,433 |  |  | 1,499 |  |  | 6,629 |
Above Market Rents | 6 |  |  | 4 |  |  | 18 |  |  | 28 |
Below Market Rents | (676 | ) |  | (4,691 | ) |  | (95 | ) |  | (5,462 | )
Total Purchase Price | $ | 74,500 |  |  | $ | 61,000 |  |  | $ | 33,000 |  |  | $ | 168,500 |
The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2013 and 2012 was $21.9 million and $21.9 million, respectively, and accumulated amortization was $16.7 million and $14.7 million, respectively. Amortization expense totaled $2.0 million, $2.0 million and $1.3 million, for the years ended December 31, 2013, 2012, and 2011, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2013 and 2012 was $24.8 million and $24.8 million, respectively, and accumulated amortization was $10.0 million and $8.3 million, respectively. Accretion income totaled $1.7 million, $1.6 million, and $1.2 million, for the years ended December 31, 2013, 2012, and 2011, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2013 and 2012 was $1.0 million and $1.0 million, respectively, and accumulated amortization was $974,100 and $929,100, respectively. Amortization expense totaled $45,000, $60,000 and $62,000, for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands) | Lease acquisition costs |  | Above market leases |  | Below market leases
2014 | $ | 1,066 |  |  | $ | 21 |  |  | $ | 1,458 |
2015 | 721 |  |  | 2 |  |  | 1,203 |
2016 | 566 |  |  | 3 |  |  | 1,095 |
2017 | 517 |  |  | 1 |  |  | 1,072 |
2018 | 480 |  |  | 1 |  |  | 1,044 |
Thereafter | 1,926 |  |  | — |  |  | 8,893 |
Total | $ | 5,276 |  |  | $ | 28 |  |  | $ | 14,765 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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