Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [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 nine-month periods ended September 30, 2011 and 2010. The Company has one asset considered held for sale at September 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 nine-month periods ended September 30, 2011 and 2010, are 21 properties sold in 2011 and one property held for sale at September 30, 2011, aggregating 1.9 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 26 other properties that were deconsolidated for accounting purposes in 2011 and 2010, aggregating 2.3 million square feet, which primarily 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 all periods presented, 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 September 30, 2011, are as follows (in thousands):

	September 30, 2011
Land	$	994
Building		11,636
Fixtures and tenant improvements		2,721
		15,351
Less: Accumulated depreciation		(9,067	)
Total assets held for sale	$	6,284

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2011			2010			2011			2010
Revenues	$	1,563		$	7,890		$	10,782		$	27,201
Operating expenses		109			3,571			3,640			14,638
Impairment charges		2,389			7,062			11,272			83,745
Interest, net		500			4,234			3,695			14,909
Depreciation and amortization		474			2,440			3,495			9,899
		3,472			17,307			22,102			123,191
Loss from discontinued operations		(1,909	)		(9,417	)		(11,320	)		(95,990	)
Gain on deconsolidation of interests, net		4,716			5,221			4,716			5,221
(Loss) gain on disposition of real estate		(8,033	)		889			(15,052	)		(2,602	)
Net loss	$	(5,226	)	$	(3,307	)	$	(21,656	)	$	(93,371	)