Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operation Additional Disclosures [Abstract]

DISCONTINUED OPERATIONS

13. DISCONTINUED OPERATIONS

     All revenues and expenses of discontinued operations sold have been reclassified in the condensed consolidated statements of operations for the three- and six-month periods ended June 30, 2011 and 2010. The Company has one asset considered held for sale at June 30, 2011. The Company considers assets held for sale when the transaction has been approved by the appropriate levels of management and there are no known significant contingencies relating to the sale such that the sale of the property within one year is considered probable. Included in discontinued operations for the three- and six-month periods ended June 30, 2011 and 2010, are 12 properties sold in 2011 and one property held for sale at June 30, 2011 aggregating 0.8 million square feet, and 31 properties sold in 2010, (including two held for sale at December 31, 2009) aggregating 2.9 million square feet, respectively. In addition, included in discontinued operations are 25 other properties that were deconsolidated for accounting purposes in 2010, aggregating 1.9 million square feet, which represents the activity associated with a joint venture that owns the underlying real estate of certain assets formerly occupied by Mervyns. These assets were classified as discontinued operations for the three- and six-month periods ended June 30, 2010, as the Company has no significant continuing involvement. The balance sheet related to the asset held for sale and the operating results related to assets sold, designated as held for sale or deconsolidated as of June 30, 2011, are as follows (in thousands):

	June 30,
	2011
Land	$	12.3
Building		865.8
Fixtures and tenant improvements		43.6
		921.7
Less: Accumulated depreciation		(727.1	)
Total assets held for sale	$	194.6

	Three-Month Periods						Six-Month Periods
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
Revenues	$	1,057		$	5,875		$	3,184		$	12,702
Operating expenses		308			3,940			999			8,208
Impairment charges		1,904			57,920			3,887			60,993
Interest, net		327			4,005			878			8,400
Depreciation and amortization		378			2,381			1,032			4,985
		2,917			68,246			6,796			82,586
Loss from discontinued operations		(1,860	)		(62,371	)		(3,612	)		(69,884	)
Loss on disposition of real estate		(7,264	)		(4,057	)		(7,020	)		(3,491	)
Net loss	$	(9,124	)	$	(66,428	)	$	(10,632	)	$	(73,375	)