Annual report pursuant to Section 13 and 15(d)

Intangibles

v2.4.0.8
Intangibles
 12 Months Ended
Dec. 31, 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. Annual amortization of the intangible lease asset totaling $292 thousand for the years ended December 31, 2013 and November 30, 2012, $122 thousand for the year ended November 30, 2011, and monthly amortization of $24 thousand for the one-month transition period ended December 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
 
 
December 31, 2013
 
November 30, 2012
 
December 31, 2012
Intangible lease asset
 
$
1,094,771

 
$
1,094,771

 
$
1,094,771

Accumulated amortization
 
(729,847
)
 
(413,580
)
 
(437,908
)
Net intangible lease asset
 
$
364,924


$
681,191

 
$
656,863



Remaining Estimated Amortization On Intangibles
Year ending December 31,
 
Amount
2014
 
291,939

2015
 
72,985

Total
 
$
364,924