Real Estate Activities

6 Months Ended

Jun. 30, 2011

Real Estate Activities

Real Estate Activities

2. REAL ESTATE ACTIVITIES

Investments in real estate as of June 30, 2011 and December 31, 2010 were comprised of the following:

(in thousands of dollars)	As of June 30, 2011			As of December 31, 2010
Buildings, improvements and construction in progress	$	3,077,310		$	3,060,754
Land, including land held for development		521,937			526,714
Total investments in real estate		3,599,247			3,587,468
Accumulated depreciation		(792,682	)		(729,086	)
Net investments in real estate	$	2,806,565		$	2,858,382

Dispositions

In May 2011, we sold a parcel and related land improvements at Pitney Road Plaza in Lancaster, Pennsylvania for $1.4 million. We recorded a gain of $0.7 million from this sale.

In May 2011, we sold a condominium interest in the mall at Voorhees Town Center in Voorhees, New Jersey for $5.9 million. We recorded a gain of $0.7 million from this sale.

Discontinued Operations

We have presented as discontinued operations the operating results of Creekview Center, Monroe Marketplace, New River Valley Center, Pitney Road Plaza and Sunrise Plaza, all of which are power centers that were sold in 2010. We retained several undeveloped parcels for future development or sale at Monroe Marketplace, Pitney Road Plaza and Sunrise Plaza.

The following table summarizes revenue and expense information for the three and six months ended June 30, 2010 for our discontinued operations. There was no income from discontinued operations in 2011:

(in thousands of dollars)	Three months ended June 30, 2010			Six months ended June 30, 2010
Real estate revenue	$	3,155		$	6,348
Expenses:
Operating expenses		(604	)		(1,374	)
Depreciation and amortization		(1,324	)		(2,601	)
Interest		(627	)		(1,252	)
Total expenses		(2,555	)		(5,227	)
Income from discontinued operations	$	600		$	1,121

Capitalization of Costs

The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the three and six months ended June 30, 2011 and 2010:

	Three months ended June 30,				Six months ended June 30,
(in thousands of dollars)	2011		2010		2011		2010
Development/Redevelopment Activities:
Salaries and benefits	$	206	$	211	$	422	$	616
Real estate taxes		22		2		69		331
Interest		367		943		765		1,478
Leasing Activities:
Salaries, commissions and benefits		1,366		1,256		2,524		2,141

We expensed project costs that did not meet or no longer met our criteria for capitalization of $0.1 million and $0.2 million for the three months ended June 30, 2011 and 2010, respectively, and $0.2 million and $0.5 million for the six months ended June 30, 2011 and 2010, respectively.