Notes Receivables (Tables)

9 Months Ended

Sep. 30, 2011

Notes Receivable [Abstract]

Components of notes receivable

	September 30, 2011		December 31, 2010
Loans receivable (A)	$	103.3	$	103.7
Other notes		2.9		2.8
Tax Increment Financing Bonds (“TIF Bonds”): (B)
Chemung County Industrial Development Agency		2.1		2.0
City of Merriam, Kansas		1.0		2.3
City of St. Louis, Missouri		3.2		3.2
Town of Plainville, Connecticut (C)		—		6.3
		6.3		13.8
	$	112.5	$	120.3

(A) Amounts exclude notes receivable and advances from unconsolidated joint ventures including the Bloomfield Loan, which was in default and fully reserved at September 30, 2011 and December 31, 2010 (Note 2).

(B) Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.

(C) Repaid during the second quarter of 2011.

Loans receivable on real estate

	2011			2010
Balance at January 1	$	103.7		$	58.7
Additions:
New mortgage loans		10.0			58.3
Interest		0.8			4.8
Accretion of discount		0.6			0.1
Deductions:
Collections of principal		(6.8	)		—
Loan foreclosure		—			(19.0	)
Loan loss reserve (A)		(5.0	)		—
Balance at September 30	$	103.3		$	102.9

(A) Amount classified in other expense, net in the consolidated statement of operations for the year ended September 30, 2011. This reserve was written off upon the sale of the note in the second quarter of 2011.