Annual report pursuant to Section 13 and 15(d)

Acquisition of Rental Property (Tables)

v2.4.0.6
Acquisition of Rental Property (Tables)
 12 Months Ended
Dec. 31, 2012
Acquisition of Rental Property [Abstract]  
Schedule of Purchase Price Allocation
The aggregate fair value purchase price of the properties acquired during the year ended December 31, 2011 has been allocated as follows:
 
 
Value
 (in thousands)
 
Weighted-Average Amortization Period (in years)
Land
 
$
6,425

 
 
Buildings, improvements and fixtures
 
298,147

 
 
Deferred lease costs and other intangibles
 
 
 
 
Above/below market lease value, net
 
5,166

 
7.1
Below market ground lease value
 
31,993

 
87.6
Lease in place value
 
24,232

 
4.0
Tenant relationships
 
28,628

 
10.2
Lease and legal costs
 
3,444

 
3.2
Total deferred lease costs and other intangibles, net
 
93,463

 
 
Mortgage fair value adjustments
 
(7,081
)
 
 
Net assets acquired
 
390,954

 
 
Less: contingent consideration
 
(3,023
)
 
 
Less: noncontrolling interests
 
(6,845
)
 
 
Consideration transferred
 
$
381,086

 
 
Business Acquisition, Pro Forma Information
The following unaudited condensed pro forma financial information for the year ended December 31, 2011 is presented as if the acquisitions had been consummated as of January 1, 2010, the beginning of the previous reporting period (in thousands):
 
 
(Pro forma)
 
 
(Unaudited)
 
 
Year ended December 31,
 
 
2011
 
2010
Total Revenue
 
$
336,838

 
$
317,021

Income from continuing operations
 
47,687

 
35,073