Development of Rental Properties (Notes)

9 Months Ended

Sep. 30, 2011

Real Estate [Abstract]

Real Estate Owned [Text Block]

Development of Rental Properties

Redevelopment at Existing Outlet Centers

During the first quarter of 2011, we completed the redevelopment of our Hilton Head I, SC center and celebrated a grand re-opening on March 31, 2011. As of September 30, 2011, the 177,000 square foot center was 96% occupied. In addition, the property features four pad sites, three of which are currently leased.

Commitments to complete construction of our redevelopment and other capital expenditure requirements amounted to approximately $5.5 million at September 30, 2011. Commitments for construction represent only those costs contractually required to be paid by us.

Interest costs capitalized during the three months ended September 30, 2011 and 2010 amounted to $64,000 and $583,000, respectively, and for the nine months ended September 30, 2011 and 2010 amounted to $302,000 and $1.1 million, respectively.