Real Estate

9 Months Ended

Sep. 30, 2011

Real Estate [Abstract]

Real Estate Disclosure

REAL ESTATE

Property Acquisitions. On August 8, 2011, we acquired Terravita Marketplace, a property that meets our Community Centered Property strategy, containing 102,733 leasable square feet, inclusive of 51,434 square feet leased to two tenants under ground leases, located in Scottsdale, Arizona for approximately $16.1 million in cash and net prorations. Terravita Marketplace is surrounded by the gated golf course residential community of Terravita, which was developed by DelWebb Corporation/Pulte, with homes in the $250,000 to $1 million range.

On August 16, 2011, we acquired Ahwatukee Plaza Shopping Center, a property that meets our Community Centered Property strategy for approximately $9.3 million in cash and net prorations. The center contains 72,650 leasable square feet, located in Ahwatukee Foothills neighborhood in south Phoenix, Arizona.

Discontinued Operations. On July 22, 2011, we sold Greens Road Plaza, located in Houston, Texas, for $1.8 million in cash and net prorations. We expect to reinvest the proceeds from the sale of the 20,607 square foot property located in Northeast Houston in acquisitions of Community Centered Properties in our target markets in Arizona, Texas, and Illinois. As a result of the transaction, we have identified the financial results for the the property for the three and nine months ended September 30, 2011 and 2010 and presented them as Discontinued Operations.

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2011			2010			2011			2010
Property revenues
Rental revenues	$	10		$	43		$	107		$	133
Other revenues	2			34			71			105
Total property revenues	12			77			178			238
Property expenses
Property operation and maintenance	20			37			89			121
Real estate taxes	3			8			23			24
Total property expenses	23			45			112			145
Other expenses (income)
Depreciation and amortization	—			14			29			42
Total other expense	—			14			29			42
Income before loss on disposal of assets and income taxes	(11		)	18			37			51
Provision for income taxes	—			(1		)	(1		)	(2		)
Loss on sale or disposal of assets	397			—			397			—
Income from discontinued operations	$	386		$	17		$	433		$	49