Note 5 - Discontinued Operations and Assets Held-for-Sale

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

5.    Discontinued Operations and Assets Held-for-Sale:

The Company reports as discontinued operations assets held-for-sale as of the end of the current period and assets sold during the period. All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Income under the caption Discontinued operations. This has resulted in certain reclassifications of 2014, 2013 and 2012 financial statement amounts.

The components of Income from discontinued operations for each of the three years in the period ended December 31, 2014, are shown below. These include the results of income through the date of each respective sale for properties sold during 2014, 2013 and 2012, and the operations for the applicable periods for those assets classified as held-for-sale as of December 31, 2014 (in thousands):

	2014			2013			2012
Discontinued operations:
Revenues from rental property	$	71,906		$	129,315		$	157,472
Rental property expenses		(16,657	)		(39,425	)		(49,925	)
Depreciation and amortization		(15,019	)		(33,142	)		(47,916	)
Provision for doubtful accounts		(719	)		(2,971	)		(3,423	)
Interest expense		(1,823	)		(1,371	)		(4,855	)
Income from other real estate investments		680			720			676
Other expense, net		(756	)		(880	)		(254	)
Income from discontinued operating properties, before income taxes		37,612			52,246			51,775
Impairment of property carrying value, before income taxes (1)		(178,048	)		(157,972	)		(49,280	)
Gain on disposition of operating properties, before income taxes		203,271			48,731			85,894
(Provision)/benefit for income taxes		(11,850	)		8,462			9,585
Income/(loss) from discontinued operating properties		50,985			(48,533	)		97,974
Net (income)/loss attributable to noncontrolling interests		(2,117	)		7,930			(4,661	)
Income/(loss) from discontinued operations attributable to the Company	$	48,868		$	(40,603	)	$	93,313

(1) The year ended December 31, 2014, includes $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. During 2013, the Company began selling properties within its Latin American portfolio. During the year ended December 31, 2014, the Company continued selling properties in its Latin American portfolio and as a result substantially liquidated its investment in Mexico.

During 2014, the Company classified as held-for-sale 35 operating properties. The aggregate book value of these properties was $239.9 million, net of accumulated depreciation of $76.5 million. The Company recognized impairment charges on 11 of these properties aggregating $56.2 million, which were sold during 2014. The book value of the remaining other 24 properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value for each property, aggregating $316.5 million, was based upon executed contracts of sale with third parties (see Footnote 15). The Company completed the sale of the 35 held-for-sale operating properties during 2014 (these dispositions are included in Footnote 4 above). At December 31, 2014, the Company had no operating properties classified as held-for-sale.

During 2013, the Company classified as held-for-sale 19 operating properties, comprising 1.9 million square feet of GLA.  The aggregate book value of these properties was $178.4 million, net of accumulated depreciation of $19.2 million.   The Company recognized impairment charges of $25.2 million, after income taxes, on eight of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value for each property, aggregating $158.6 million, was based upon executed contracts of sale with third parties (see Footnote 15).   In addition, the Company completed the sale of 15 held-for-sale operating properties during the year ended December 31, 2013, one of which was classified as held-for-sale during 2012 (these dispositions are included in Footnote 4 above).  At December 31, 2013, the Company had five remaining operating properties classified as held-for-sale at a carrying amount of $70.3 million, net of accumulated depreciation of $8.1 million, which are included in Other assets on the Company’s Consolidated Balance Sheets.

During 2012, the Company classified as held-for-sale 18 operating properties, comprising 2.1 million square feet of GLA.  The book value of these properties was $73.2 million, net of accumulated depreciation of $57.2 million.  The Company recognized impairment charges of $4.2 million on three of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized.  The Company’s determination of the fair value for each property, aggregating $102.0 million, was based upon executed contracts of sale with third parties.   In addition, the Company completed the sale of 19 operating properties during the year ended December 31, 2012, of which two were classified as held-for-sale during 2011 (these dispositions are included in Footnote 4 above).