Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

As of June 30, 2011, we had pledged letters of credit having an aggregate face amount of $3.8 million as additional security for financial and other obligations.

We have invested an aggregate of approximately $44.9 million in development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $152.7 million to complete, based on our current plans and estimates. These obligations, comprising principally construction contracts, are generally due as the work is performed and are expected to be financed by the funds available under our credit facilities, proceeds from the issuance of additional debt or equity securities, capital from institutional partners that desire to form joint venture relationships with us and proceeds from property dispositions.

As of June 30, 2011, we have entered into contracts to purchase $15.0 million in commercial real estate. These contracts have passed the due diligence period and the $4.0 million in deposits are non-refundable, except as otherwise provided in the contract.

We are subject to litigation in the normal course of business. However, we do not believe that any of the litigation outstanding as of June 30, 2011 will have a material adverse effect on our financial condition, results of operations or cash flows.

At June 30, 2011, we are obligated under non-cancellable operating leases for office space, equipment rentals and ground leases on certain of our properties. At June 30, 2011, minimum annual payments under non-cancellable operating leases are as follows:

Years ending	Amount
	(in thousands)
2011	$	398
2012		766
2013		692
2014		692
2015		663
Thereafter		4,159
Total	$	7,370