Note 9 - Mortgages Payable

6 Months Ended

Jun. 30, 2011

Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

9. Mortgages Payable

During the six months ended June 30, 2011, the Company assumed approximately $26.6 million of individual non-recourse mortgage debt relating to the acquisition of two operating properties, including an increase of approximately $1.9 million associated with fair value debt adjustments.

Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest, which mature at various dates through 2031. Interest rates range from LIBOR (approximately 0.19% as of June 30, 2011) to 9.75% (weighted-average interest rate of 6.21% as of June 30, 2011).  The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $3.4 million, as of June 30, 2011, were approximately as follows (in millions): 2011, $12.9; 2012, $218.1; 2013, $102.0; 2014, $225.1; 2015, $60.9; and thereafter, $418.7.