Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations [Abstract]

Discontinued Operation

4.DISCONTINUED OPERATIONS

On November 28, 2012, we completed the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”) located in Brooklyn, New York, to Macerich, for $751,000,000. Net proceeds from the sale, after repaying an existing loan and closing costs, were $479,000,000, of which $30,000,000 was in Macerich common shares. In connection with the sale, we deferred $2,348,000 of the net gain based upon our ownership of the Macerich common shares.The deferred gain will be recognized upon the disposition of the Macerich common shares.

In accordance with the provisions of ASC 360, Property, Plant and Equipment, we have classified the revenues and expenses of Kings Plaza as “income from discontinued operations” for all of the periods presented on our consolidated statements of income. As a result, our consolidated statements of income reflect $529,000 and $2,252,000 as “income from discontinued operations” for the years ended December 31, 2014 and 2013, respectively, representing interest and other income, net.