XML 74 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Lease Agreements
 12 Months Ended
Dec. 31, 2013
Leases [Abstract]  
Lease Agreements
LEASE AGREEMENTS
Lease income includes primarily base rent arising from noncancelable leases. Base rent (including straight-line rent) for the years ended December 31, 2013, 2012, and 2011, amounted to $159.9 million, $152.8 million, and $138.5 million, respectively. Future contractual payments under noncancelable leases for years ended December 31 (which exclude the effect of straight-line rents), are as follows: 
(in thousands)
 
2014
$
149,101

2015
131,724

2016
114,123

2017
95,157

2018
77,542

Thereafter
306,980

 
$
874,627


The majority of the leases provide for rental increases and expense recoveries based on fixed annual increases or increases in the Consumer Price Index and increases in operating expenses. The expense recoveries generally are payable in equal installments throughout the year based on estimates, with adjustments made in the succeeding year. Expense recoveries for the years ended December 31, 2013, 2012, and 2011, amounted to $30.9 million, $30.4 million, and $28.4 million, respectively. In addition, certain retail leases provide for percentage rent based on sales in excess of the minimum specified in the tenant’s lease. Percentage rent amounted to $1.6 million, $1.5 million, and $1.5 million, for the years ended December 31, 2013, 2012, and 2011, respectively.