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Discontinued Operations
 9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations [Text Block]

5.       Discontinued Operations

On October 21, 2012, we entered into an agreement to sell the Kings Plaza Regional Shopping Center located in Brooklyn, New York, to The Macerich Company (NYSE: MAC) (“MAC”), for $751,000,000. We may elect to receive up to $30,000,000 of the consideration in MAC common shares. Net proceeds from the sale will be approximately $481,000,000, after repaying the existing loan and closing costs. The sale, which is subject to customary closing conditions, is expected to be completed in the fourth quarter. The financial statement gain will be approximately $602,000,000. The tax gain will be approximately $624,000,000, which is expected to be paid out to stockholders as a special long-term capital gain dividend.

 

We have reclassified the revenues and expenses of the Kings Plaza Regional Shopping Center 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, 2012 and December 31, 2011 and their combined results of operations for the three and nine months ended September 30, 2012 and 2011.

 

    Assets Related to Liabilities Related to
   Discontinued Operations as of Discontinued Operations as of
   September 30,  December 31,  September 30,  December 31,
(Amounts in thousands)  2012  2011  2012  2011
Kings Plaza Regional Shopping Center $ 133,525 $ 137,418 $ 250,000 $ 250,000
              
              
   Three Months Nine Months
   Ended September 30, Ended September 30,
(Amounts in thousands)  2012  2011  2012  2011
Total revenues $ 17,518 $ 17,788 $ 50,601 $ 50,957
Total expenses(1)   10,580   10,461   30,599   32,195
Income from discontinued operations $ 6,938 $ 7,327 $ 20,002 $ 18,762
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(1)Includes fees to Vornado of $433 and $424 for the three months ended September 30, 2012 and 2011, respectively, and $1,310 and $1,245 for the nine months ended September 30, 2012 and 2011, respectively.