Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

Note 10. Discontinued Operations

For the three months ended March 31, 2012, we sold four shopping centers, of which three were located in Texas and one in North Carolina, and we assigned a 75% consolidated joint venture interest to our partner. We classified seven shopping centers and 53 industrial properties, of which 43 are located in Texas, six each in Florida and Georgia, two in Virginia and one each in Arizona, Illinois and Tennessee, as held for sale. In April 2012, we entered into a purchase and sale agreement to sell a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT. As of March 31, 2012, the 60 properties classified as held for sale consisted of property and accumulated depreciation totaling $536.6 million and $122.2 million, respectively.

During 2011, we sold three industrial properties, of which two were located in Georgia and one in Texas, and eight shopping centers, of which five were located in Texas and one each in Florida, Kansas and North Carolina. As of December 31, 2011, we classified as held for sale seven shopping centers with a net book value of $73.2 million, of which three were located in Texas and one each in Arizona, Florida, Illinois and North Carolina.

Included in the Condensed Consolidated Balance Sheet at December 31, 2011 were $558.2 million of property and $129.0 million of accumulated depreciation related to retail and industrial properties that were either sold during 2012 or classified as held for sale as of March 31, 2012.

The operating results of these properties, which includes the 60 properties held for sale, have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows (in thousands):

	Three Months Ended March 31,
	2012			2011
Revenues, net	$	15,179		$	17,019
Depreciation and amortization		(4,473	)		(5,798	)
Operating expenses		(2,701	)		(2,944	)
Real estate taxes, net		(2,482	)		(2,635	)
Impairment loss		(3,171	)		(455	)
General and administrative		(14	)		(20	)
Interest expense, net		(147	)		(152	)
Operating income from discontinued operations		2,191			5,015
Gain on sale of property from discontinued operations		3,634			-
Income from discontinued operations	$	5,825		$	5,015

We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.