Related Party Arrangements

3 Months Ended

Mar. 31, 2012

Related Party Arrangements

Related Party Arrangements

9.  Related Party Arrangements

Unconsolidated Entities

The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue.  From these entities, the Company received fees of $2,549,000 and $2,320,000 in the three months ended March 31, 2012 and 2011, respectively.  These fees are included in management, development and other fees on the accompanying Condensed Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $3,623,000 and $4,294,000 as of March 31, 2012 and December 31, 2011, respectively.

Director Compensation

The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $209,000 and $187,000 for the three months ended March 31, 2012 and 2011, respectively, as a component of general and administrative expense.  Deferred compensation relating to these restricted stock grants and deferred stock awards was $161,000 and $370,000 on March 31, 2012 and December 31, 2011, respectively.