Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

As of September 30, 2012, we had pledged letters of credit having an aggregate face amount of $3.7 million as additional security for financial and other obligations.

As of September 30, 2012, we have invested an aggregate of approximately $148.9 million in development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $114.4 million to complete, based on our current plans and estimates, which we anticipate will be expended over the next two years. 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.

We are subject to litigation in the normal course of business. However, we do not believe that any of the litigation outstanding as of September 30, 2012 will have a material adverse effect on our financial condition, results of operations or cash flows. During the nine months ended September 30, 2012, we recorded $525,000, which is included in property operating expenses in the accompanying condensed consolidated statement of operations, related to litigation that was settled in the first quarter of 2012.