Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contractual Obligations

As of September 30, 2013, we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $10.1 million in the form of tenant allowances, lease termination fees, and contracts with general service providers and other professional service providers.

Provision for Employee Separation Expense

In connection with the terms of the amended employment agreement with Ronald Rubin, our Executive Chairman, from the quarter ended June 30, 2012 through the quarter ended June 30, 2013, we recorded a total provision for employee separation expense of $4.5 million. We recorded provision for employee separation expense related to Mr. Rubin’s amended employment agreement of $1.1 million during the three months ended September 30, 2012 and $1.9 million and $1.4 million for the nine months ended September 30, 2013 and 2012, respectively. We recorded a total of $2.6 million during the year ended December 31, 2012.

In February 2013, under our Second Amended and Restated 2003 Equity Incentive Plan, Mr. Rubin received 16,000 restricted shares that had a fair value of $0.3 million based on the grant date fair value of $18.28 per share and a vesting period though December 31, 2013. This award was amortized through June 7, 2013, the date on which Mr. Rubin became eligible to voluntarily terminate his employment agreement and receive his founder’s retirement payment of $3.5 million, at which time such restricted shares would vest.

In connection with the appointment of Joseph F. Coradino as Chief Executive Officer in June 2012, conditions in former President and Chief Operating Officer Edward Glickman's employment agreement were triggered that caused us to record a provision for employee separation expense. We recorded $3.5 million and $4.0 million of employee separation expense related to Mr. Glickman in the three and nine months ended September 30, 2012, respectively.

In August 2012, we terminated the employment of certain employees. In connection with the departure of these employees, we recorded $0.4 million of employee separation expenses.