Real Estate (Tables)

12 Months Ended

Dec. 31, 2011

Real Estate Investments [Abstract]

Schedule Of Real Estate Investments And Related Encumbrances

A summary of our real estate investments and related encumbrances is as follows:

	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2011
Retail and mixed-use properties	$	4,312,189	$	(1,087,704	)	$	724,287
Retail properties under capital leases	113,605		(33,019		)	63,093
Residential	8,750		(6,865		)	23,236
	$	4,434,544	$	(1,127,588	)	$	810,616
December 31, 2010
Retail and mixed-use properties	$	3,779,203	$	(999,209	)	$	505,934
Retail properties under capital leases	108,381		(29,421		)	59,940
Residential	8,358		(6,574		)	23,567
	$	3,895,942	$	(1,035,204	)	$	589,441

Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row and Congressional Plaza. The residential property investment is our investment in Rollingwood Apartments.

Schedule of Business Acquisitions, by Acquisition

A summary of our significant acquisitions in 2010 is as follows:

Date	Property	City, State	Gross Leasable Area	Purchase Price
			(In square feet)	(In millions)
August 16	Huntington Square	East Northport, NY	74,000	$	17.6	(1)
November 10	Former Mervyn’s Parcel (Escondido Promenade)	Escondido, CA	75,000	11.2		(2)
November 22	Pentagon Row	Arlington, VA	N/A	8.5		(3)
December 27	Bethesda Row	Bethesda, MD	N/A	9.4		(4)
		Total	149,000	$	46.7

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(1) We acquired the leasehold interest in this property. Approximately $9.2 million of net assets acquired were allocated to other assets for “above market leases” and a “below market ground lease” for which we are the lessee. Approximately $1.7 million of net assets acquired were allocated to liabilities for “below market leases”. We incurred approximately $0.3 million of acquisition costs which are included in “general and administrative expenses”.

(2) This property is adjacent to and operated as part of Escondido Promenade which is owned through a partnership in which we own the controlling interest.

(3) We and a subsidiary of Post Properties, Inc. (“Post”) purchased the fee interest in the land under Pentagon Row. The land was purchased as a result of a favorable outcome to litigation. In September 2008, we and Post sued Vornado Realty Trust and related entities (“Vornado”) for breach of contract in the Circuit Court of Arlington County, Virginia. The breach of contract was a result of Vornado’s acquiring in transactions in 2005 and 2007 the fee interest in the land under our Pentagon Row project without first giving us and Post the opportunity to purchase the fee interest in that land as required by the right of first offer (“ROFO”) provisions included in the documentation relating to the Pentagon Row project. On April 30, 2010, the judge in this case issued a ruling that Vornado failed to comply with the ROFO and as a result, breached the contract, and ordered Vornado to sell to us and Post, collectively, the land under Pentagon Row. Vornado appealed the ruling, however, the appeal was denied in November 2010. As part of the acquisition of the land and termination of the respective ground lease, we were relieved of our deferred ground rent liability for approximately $8.8 million. The liability was offset against the purchase price with the excess of the liability over the purchase price of $0.3 million included in the statement of operations as an adjustment to rental expense.

(4) We acquired the fee interest in approximately 2.1 acres of land under Bethesda Row. Prior to the transaction, the land parcel was owned pursuant to a ground lease and encumbered by a capital lease obligation which was terminated as part of the transaction.