Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

8. Discontinued Operations

2013 Activity:

On January 24, 2013, we completed the sale of the Green Acres Mall located in Valley Stream, New York, for $500,000,000. The sale resulted in net proceeds of $185,000,000, after repaying the existing loan and closing costs, and a net gain of $202,275,000.

On April 15, 2013, we soldThe Plant, a power strip shopping center in San Jose, California, for $203,000,000. The sale resulted in net proceeds of $98,000,000, after repaying the existing loanand closing costs, and a net gain of $32,169,000.

On April 15, 2013, we sold a retail property in Philadelphia, which is a part of the Gallery at Market Street, for $60,000,000. The sale resulted in net proceeds of $58,000,000, and a net gain of $33,058,000.

During 2013, we sold an additional10 properties, includingninenon-core retail properties, in separate transactions, for an aggregate of $40,200,000, in cash, which resulted in a net gain aggregating $492,000.

2012 Activity:

On January 6, 2012, we completed the sale of 350 West Mart Center, a 1.2 million square foot office building in Chicago, Illinois, for $228,000,000, in cash, which resulted in a net gain of $54,911,000.

During 2012, we sold 11 non-core retail properties in separate transactions, for an aggregate of $136,000,000, in cash, which resulted in a net gain aggregating $17,802,000.

We have reclassified the revenues and expenses of all of the properties discussed above, as well as certain other retail properties that are currently held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements.The tables below set forth the assets and liabilities related to discontinued operations at June 30, 2013 and December 31, 2012 and their combined results of operations for the three andsix months ended June 30, 2013 and 2012.

		Assets Related to				Liabilities Related to
(Amounts in thousands)		Discontinued Operations as of				Discontinued Operations as of
		June 30,		December 31,		June 30,		December 31,
		2013		2012		2013		2012
Retail properties		$	56,348	$	568,501	$	2,677	$	423,163
Other properties			7,225		33,499		-		-
Total		$	63,573	$	602,000	$	2,677	$	423,163
		For the Three Months				For the Six Months
(Amounts in thousands)		Ended June 30,				Ended June 30,
		2013		2012		2013		2012
Total revenues		$	4,668	$	45,286	$	29,391	$	106,134
Total expenses			3,850		30,802		22,256		76,096
			818		14,484		7,135		30,038
Net gains on sale of:
	901 Market Street, Philadelphia		33,058		-		33,058		-
	The Plant		32,169		-		32,169		-
	Green Acres Mall		-		-		202,275		-
	350 West Mart Center		-		-		-		54,911
	Other real estate		438		16,896		492		17,802
Impairment losses			(2,493)		(13,511)		(4,007)		(13,511)
Income from discontinued operations		$	63,990	$	17,869	$	271,122	$	89,240