Dispositions

6 Months Ended

Jun. 30, 2014

Dispositions [Abstract]

Dispositions

8. Dispositions

Discontinued Operations

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000. The sale resulted in net proceeds of $92,174,000after closing costs.

On July 8, 2014, we completed the sale of Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000, of which $239,000,000 was cash and $21,000,000 was 10-year mezzanine seller financing.The sale resulted in a net gain of approximately $44,000,000, which will be recognized in the third quarter of 2014.

We have reclassified the revenues and expenses of the properties discussed above 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 consolidated financial statements. The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations at June 30, 2014 and December 31, 2013 and their combined results of operations for thethree and six months ended June 30, 2014 and 2013.

	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,
	2014		2013		2014		2013
Beverly Connection	$	208,309	$	208,458	$	-	$	-
Broadway Mall		-		106,164		-		13,950
Total	$	208,309	$	314,622	$	-	$	13,950
	For the Three Months				For the Six Months
(Amounts in thousands)	Ended June 30,				Ended June 30,
	2014		2013		2014		2013
Total revenues	$	3,923	$	19,311	$	12,206	$	45,301
Total expenses		1,771		13,191		7,321		33,234
		2,152		6,120		4,885		12,067
Impairment losses		-		(2,493)		(842)		(4,007)
Net gain on sale of Green Acres Mall		-		-		-		202,275
Net gains on sale of other real estate		-		65,665		-		65,719
Income from discontinued operations	$	2,152	$	69,292	$	4,043	$	276,054

Other

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE:PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units.In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “impairment losses, acquisition and transaction related costs” on our consolidated statements of income. The redevelopment is expected to be completed in the fourth quarter of 2014 and the closing will be no later than March 31, 2015.