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Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

8. Discontinued Operations

 

On January 24, 2013, we sold 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 sold The 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 loan and 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.

 

On September 23, 2013, we sold a retail property in Tampa, Florida for $45,000,000, of which our 75% share was $33,750,000. Our share of the net proceeds after repaying the existing loan and closing costs were $20,810,000, and our share of the net gain was $8,728,000.

 

In addition to the above, during 2013, we sold 12 other non-core properties, in separate transactions, for an aggregate of $82,300,000, in cash, which resulted in a net gain aggregating $7,851,000.

 

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 September 30, 2013 and December 31, 2012 and their combined results of operations for the three and nine months ended September 30, 2013 and 2012.

   Assets Related to Liabilities Related to
(Amounts in thousands) Discontinued Operations as of Discontinued Operations as of
  September 30, December 31, September 30, December 31,
  2013 2012 2013 2012
Retail properties $ 20,428 $ 600,640 $ - $ 442,293
Other properties   6,985   33,499   -   -
Total $ 27,413 $ 634,139 $ - $ 442,293
              
   For the Three Months For the Nine Months
(Amounts in thousands) Ended September 30, Ended September 30,
  2013 2012 2013 2012
Total revenues $ 2,963 $ 35,576 $ 35,193 $ 144,274
Total expenses   2,488   27,877   27,177   106,924
    475   7,699   8,016   37,350
Net gains on sale of real estate (2013 includes $2,909            
 attributable to noncontrolling interests)   18,996   131,088   286,990   203,801
Gain on sale of Canadian Trade Shows, net of $11,448 of            
 income taxes   -   19,657   -   19,657
Impairment losses   (720)   -   (4,727)   (13,511)
Income from discontinued operations $ 18,751 $ 158,444 $ 290,279 $ 247,297