REAL ESTATE (Notes)

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Real Estate

REAL ESTATE

Dispositions

On August 6, 2015, we sold Rancho Carmel Plaza. The property is located in San Diego, California and was previously included in our retail segment. The sales price of this property of approximately $12.7 million, less costs to sell, resulted in net proceeds to us of approximately $12.3 million. Accordingly, we recorded a gain on sale of approximately $7.1 million for the three and nine months ended September 30, 2015. The proceeds from the sale of Rancho Carmel Plaza remain in an escrow account and is included in restricted cash on the consolidated balance sheets. The disposition was structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state income and taxation code sections.