Quarterly report pursuant to Section 13 or 15(d)

Intangibles

v2.4.1.9
Intangibles
 3 Months Ended
Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES
INTANGIBLES
The Company 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 was being amortized on a straight-line basis over the life of the lease term, which expired on April 1, 2015. Quarterly amortization of the intangible lease asset totaling $73 thousand for each of the three-month periods ended March 31, 2015, and March 31, 2014, 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. Refer to Note 4 for further discussion around the PNM Purchase Agreement.
Intangible Lease Asset
 
 
March 31, 2015
 
December 31, 2014
Intangible lease asset
 
$
1,094,771

 
$
1,094,771

Accumulated amortization
 
(1,094,771
)
 
(1,021,784
)
Net intangible lease asset
 
$
—


$
72,987