Note 3 - Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2013 financial statement amounts.

The components of income and expense relating to discontinued operations for the three months ended March 31, 2014 and 2013 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and 2013 and the operations for the applicable period for those assets classified as held-for-sale as of March 31, 2014 (in thousands):

	Three Months Ended March 31,
	2014			2013
Discontinued operations:
Revenues from rental property	$	11,865		$	14,542
Rental property expenses		(1,387	)		(4,603	)
Depreciation and amortization		(435	)		(3,797	)
Provision for doubtful accounts		(272	)		(384	)
Interest expense		-			(126	)
Other expense, net		(288	)		(162	)
Income from discontinued operating properties, before income taxes		9,483			5,470
Impairment of property carrying value		(3,061	)		(2,831	)
Gain on disposition of operating properties		9,337			2,496
(Provision)/benefit for income taxes, net		(17	)		489
Income from discontinued operating properties		15,742			5,624
Net income attributable to noncontrolling interests		(6,571	)		(299	)
Income from discontinued operations attributable to the Company	$	9,171		$	5,325

During the three months ended March 31, 2014, the Company classified as held-for-sale two operating properties, comprising 404,393 square feet of GLA.  The aggregate book value of these properties was $35.9 million, net of accumulated depreciation of $6.7 million, which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets at March 31, 2014.   The Company recognized impairment charges of $0.9 million on one of these properties. The book value of the other property did not exceed its estimated fair value, less costs to sell, and as such no impairment charge was recognized. The Company’s determination of the fair value of these properties, aggregating $38.6 million, was based upon executed contracts of sale with third parties (see Footnote 12).   In addition, the Company completed the sale of five held-for-sale operating properties during the three months ended March 31, 2014, all of which were classified as held-for-sale during 2013 (these dispositions are included in Footnote 2 above).