Note 21 - Transactions with Related Parties

12 Months Ended

Dec. 31, 2011

Related Party Transactions Disclosure [Text Block]

21.  Transactions with Related Parties:

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests.  Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers.  Reference is made to Footnotes 4, 5, 8 and 22 for additional information regarding transactions with related parties.

Ripco Real Estate Corp. business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing.  Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company.  During 2011, 2010 and 2009, the Company paid brokerage commissions of $0.5 million, $0.7 million and $0.7 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services.  

Additionally, the Company holds joint venture investments with Ripco.  During 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company and Ripco each hold 50% noncontrolling interests.  The Company accounts for its investment in these joint ventures under the equity method of accounting.  During 2011, the joint ventures sold one land parcel and one operating property to third parties, in separate transactions, which were encumbered by loans aggregating approximately $14.2 million. As a result of these transactions the loans were fully repaid and the Company was relieved of the corresponding debt guarantees on these two loans.  

As of December 31, 2011, one of these joint ventures held a one-year loan for approximately $3.0 million which is scheduled to mature in 2012 and bears interest at rate of LIBOR plus 1.50%.  This loan is jointly and severally guaranteed by the Company and the joint venture partner.