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Long-Term Lease Obligations | 12 Months Ended
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Dec. 31, 2013
Leases [Abstract] |
Long-Term Lease Obligations | LONG-TERM LEASE OBLIGATIONS Certain properties are subject to noncancelable long-term leases which apply to land underlying the Shopping Centers. Certain of the leases provide for periodic adjustments of the base annual rent and require the payment of real estate taxes on the underlying land. The leases will expire between 2058 and 2068. Reflected in the accompanying consolidated financial statements is minimum ground rent expense of $176,000, $176,000, and $173,000, for the years ended December 31, 2013, 2012, and 2011, respectively. The future minimum rental commitments under these ground leases are as follows:
| Year ending December 31, |  |  |  |
(In thousands) | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | Thereafter |  | Total
Beacon Center | $ | 60 |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | 2,601 |  |  | $ | 2,901 |
Olney | 56 |  |  | 56 |  |  | 56 |  |  | 56 |  |  | 56 |  |  | 3,817 |  |  | 4,097 |
Southdale | 60 |  |  | 60 |  |  | 60 |  |  | 60 |  |  | 60 |  |  | 2,945 |  |  | 3,245 |
Total | $ | 176 |  |  | $ | 176 |  |  | $ | 176 |  |  | $ | 176 |  |  | $ | 176 |  |  | $ | 9,363 |  |  | $ | 10,243 |
In addition to the above, Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002 was extended in 2012 for five years, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for the years ended December 31, 2013, 2012, and 2011 was $850,600, $850,000, and $945,000, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions).

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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