Quarterly report pursuant to Section 13 or 15(d)

Intangibles

v2.4.0.8
Intangibles
 9 Months Ended
Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES
INTANGIBLES
The Company has recorded an intangible lease asset, related to the PNM Lease Agreement, for the fair value of the amount by which the remaining contractual lease payments exceed market lease rates at the time of acquisition. The intangible lease asset is being amortized on a straight-line basis over the life of the lease term, which expires on April 1, 2015. Quarterly amortization of the intangible lease asset totaling $73 thousand for the three months ended September 30, 2013 and August 31, 2012, and $219 thousand for the nine months ended September 30, 2013 and August 31, 2012, is reflected in the accompanying Consolidated Statements of Income as a reduction to lease revenue. These same amounts are included in Amortization expense in the accompanying Consolidated Statements of Cash Flows.
Intangible Lease Asset
 
 
September 30, 2013
 
November 30, 2012
Intangible lease asset
 
$
1,094,771

 
$
1,094,771

Accumulated amortization
 
(656,863
)
 
(413,580
)
Net intangible lease asset
 
$
437,908


$
681,191



Remaining Estimated Amortization On Intangibles
Year ending December 31,
 
Amount
2013
 
$
72,985

2014
 
291,938

2015
 
72,985

Total
 
$
437,908