Discontinued Operations and Investment Properties Held for Sale (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

The Company sold 20 properties during the nine months ended September 30, 2012, as summarized below:



Date	Square Footage	Property Type	Property Name	Consideration		Mortgage Debt Extinguished			Net Sales Proceeds/(Outflow)			Gain
February 1, 2012	13,800	Single-user retail	CVS - Jacksonville	$	5,800	$	—		$	5,702		$	915
April 10, 2012	501,000	Single-user office	GMAC Ins. Building	23,570		23,570			—			6,847		(a)
August 17, 2012	1,035,800	Single-user industrial	Cost Plus Dist. Center	63,000		16,300			46,555			8,235
September 18, 2012	1,000,400	Single-user retail	Various (b)	100,400		97,253		(b)	(251		)	—		(b)
September 25, 2012	132,600	Multi-tenant retail	Various (c)	19,050		—			18,048			—		(c)
September 28, 2012	75,200	Single-user retail	Winco - Ventura	8,015		—			7,999			521
	2,758,800			$	219,835	$	137,123		$	78,053		$	16,518


(a)	This property was transferred to the lender through a deed-in-lieu of foreclosure transaction.

(b)

The Company sold 13 former Mervyns properties located throughout California in a single transaction on September 18, 2012. No gain or loss was recognized upon disposition as the Company recorded an impairment charge of $1,100 during the three months ended September 30, 2012 based upon the negotiated sales price less costs to sell. Proceeds from the sale, along with restricted escrows held by the lender, were used to pay off, in its entirety, the $116,400 outstanding loan that was secured by the Company's entire portfolio of 23 former Mervyns properties.


(c)	The terms of the sale of three properties located near Dallas, Texas were negotiated as a single transaction. No gain or loss was recognized upon disposition as the Company recognized an impairment charge of $5,528 during the three months ended September 30, 2012 based upon the negotiated sales price less costs to sell.

Schedule of assets and liabilities associated with investment properties held for sale

The following table presents the assets and liabilities associated with the held for sale properties:



	September 30, 2012
Assets
Land, building and other improvements	$	8,996
Accumulated depreciation	(379		)
	8,617
Other assets	16
Investment properties held for sale	$	8,633

Liabilities
Other liabilities	$	228
Liabilities associated with investment properties held for sale	$	228

Schedule of results of operations for properties that are accounted for as discontinued operations

The results of operations for the investment properties that are accounted for as discontinued operations are presented in the table below:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Revenues:
Rental income	$	2,741		$	5,531		$	11,875		$	18,957
Tenant recovery income	(565		)	687			165			2,095
Other property income	34			15			59			68
Total revenues	2,210			6,233			12,099			21,120

Expenses:
Property operating expenses	332			988			1,197			2,354
Real estate taxes	(503		)	487			326			2,132
Depreciation and amortization	952			2,206			4,380			7,851
Provision for impairment of investment properties	11,507			1,379			11,507			31,752
Loss on lease terminations	—			85			40			87
General and administrative expenses	—			—			—			34
Interest expense	1,709			1,465			4,374			5,736
Other expense	1			1			—			4
Total expenses	13,998			6,611			21,824			49,950

Loss from discontinued operations, net	$	(11,788	)	$	(378	)	$	(9,725	)	$	(28,830	)

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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