REAL ESTATE ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Investments in Real Estate

Investments in real estate as of December 31, 2014 and 2013 were comprised of the following:

	As of December 31,
(in thousands of dollars)	2014			2013
Buildings, improvements and construction in progress	$	2,843,326		$	3,049,758
Land, including land held for development	442,078			478,110
Total investments in real estate	3,285,404			3,527,868
Accumulated depreciation	(1,061,051		)	(1,012,746		)
Net investments in real estate	$	2,224,353		$	2,515,122

Impairment of Assets

During the years ended December 31, 2014, 2013, and 2012, we recorded asset impairment losses of $19.7 million, $30.0 million and $3.8 million, respectively. Such impairment losses are recorded in either “Impairment of assets” or “Impairment of assets of discontinued operations” based upon the classification of the property in the consolidated statements of operations. The assets that incurred impairment losses and the amount of such losses are as follows:

	For the Year Ended December 31,
(in thousands of dollars)	2014		2013		2012
Nittany Mall(1)	$	15,495	$	—	$	—
North Hanover Mall(1)	2,900		6,304		—
South Mall(1)	1,300		—		—
Chambersburg Mall(2)	—		23,662		—
Phillipsburg Mall(2)	—		—		3,805
Total Impairment of Assets	$	19,695	$	29,966	$	3,805

⁽¹⁾ Impairment of assets of this property is recorded in continuing operations.

⁽²⁾ Impairment of assets of this property is recorded in discontinued operations.

Summary of Revenue and Expense Information for Discontinued Operations

The following table summarizes revenue and expense information for the years ended December 31,2013 and 2012 for our discontinued operations:

	For the year ended December 31,
(in thousands of dollars)	2013			2012
Real estate revenue	$	10,014		$	33,046
Expenses:
Operating expenses	(4,288		)	(15,340		)
Depreciation and amortization	(1,161		)	(8,877		)
Interest expense	(1,753		)	(4,202		)
Total expenses	(7,202		)	(28,419		)
Operating results from discontinued operations	2,812			4,627
Impairment of assets of discontinued operations	(23,662		)	(3,805		)
Gains on sales of discontinued operations	78,512			947
Income from discontinued operations	$	57,662		$	1,769

Dispositions of Assets for Discontinued Operations

The table below presents our dispositions since January 1, 2013:

Sale Date	Property and Location	Description of Real Estate Sold	Capitalization Rate		Sale Price		Gain/ (Loss)
					(in millions of dollars)
2014 Activity:
June	South Mall Allentown, Pennsylvania	Mall	10.1	%	$	23.6	$	0.2
July	The Gallery at Market East Philadelphia, PA	Mall (50% interest)(1)	5.1	%	106.8		(0.6		)
September	North Hanover Mall, Hanover, Pennsylvania and Nittany Mall State College, Pennsylvania	Two malls (single combined transaction)	North Hanover Mall 11.0% Nittany Mall 16.2%		32.3		(0.1		)
2013 Activity:
January	Phillipsburg Mall, Phillipsburg, New Jersey	Mall(2)	9.8	%	11.5		—
	Paxton Towne Centre, Harrisburg, Pennsylvania	Power center(3)(4)	6.9	%	76.8		32.7
February	Orlando Fashion Square, Orlando, Florida	Mall(5)	9.8	%	35.0		0.7
September	Commons at Magnolia, Florence, South Carolina	Strip center(6)	8.9	%	12.3		4.3
	Christiana Center, Newark, Delaware	Power center(3)(6)(7)	6.5	%	75.0		40.8
November	Chambersburg Mall, Chambersburg, Pennsylvania	Mall(8)	NM(9)		8.5		—

⁽¹⁾  We entered into a 50/50 joint venture with Macerich to redevelop The Gallery. In connection therewith, we contributed and sold real estate assets to the venture and Macerich acquired its interest in the venture and real estate from us for $106.8 million in cash. Net proceeds after closing costs from the sale of the interests were $104.0 million. We used $25.8 million of such proceeds to repay a mortgage loan secured by 801 Market Street, Philadelphia, Pennsylvania, a property that is part of The Gallery, $50.0 million to repay the outstanding balance on our 2013 Revolving Facility, and the remaining proceeds for general corporate purposes.

⁽²⁾  We used proceeds of $11.5 million plus $4.5 million of available working capital to pay for the release of the lien on this property, which secured a portion of our 2010 Credit Facility (as defined in note 4).

⁽³⁾  We divested goodwill of $0.7 million and $0.8 million in connection with the dispositions of Paxton Towne Centre and Christiana Center, respectively.

⁽⁴⁾  We used proceeds from the sale of this property to repay the $50.0 million mortgage loan secured by the property.

⁽⁵⁾  We used proceeds of $35.0 million plus a nominal amount of available working capital to pay for the release of the lien on this property, which secured a portion of our 2010 Credit Facility.

⁽⁶⁾  We used combined proceeds from the sales of these properties to repay $35.0 million of amounts outstanding under our 2013 Revolving Facility and we used the remaining proceeds for general corporate purposes.

⁽⁷⁾  The buyer of this property assumed the $49.2 million mortgage loan secured by this property.

⁽⁸⁾  We used proceeds from the sale of this property for general corporate purposes.

⁽⁹⁾  The capitalization rate was not meaningful in the context of this transaction.

Summary of Capitalized Construction and Development Information

The following table summarizes certain capitalized construction and development information for our consolidated properties as of December 31, 2014 and 2013:

	As of December 31,
(in millions of dollars)	2014		2013
Construction in progress	$	60.5	$	68.8
Land held for development	8.7		8.7
Deferred costs and other assets	1.3		1.1
Total capitalized construction and development activities	$	70.5	$	78.6