Quarterly report pursuant to Section 13 or 15(d)

Intangibles

v2.4.0.8
Intangibles
 9 Months Ended
Sep. 30, 2014
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 exceeded 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 each of the three months ended September 30, 2014 and September 30, 2013, and $219 thousand for each of the nine months ended September 30, 2014 and September 30, 2013, is reflected in the accompanying Consolidated Statements of Income as a reduction to lease revenue. This amount is included in amortization expense in the accompanying Consolidated Statements of Cash Flows. Refer to Note 4 for further discussion around the PNM Purchase Agreement.
Intangible Lease Asset
 
 
September 30, 2014
 
December 31, 2013
Intangible lease asset
 
$
1,094,771

 
$
1,094,771

Accumulated amortization
 
(948,800
)
 
(729,847
)
Net intangible lease asset
 
$
145,971


$
364,924

Remaining Estimated Amortization On Intangibles
Year ending December 31,
 
Amount
2014
 
$
72,986

2015
 
72,985

Total
 
$
145,971