Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations [Abstract]

Discontinued Operations

(4) Discontinued Operations

The Company disposed of 33 assets during the three and six months ended June 30, 2012 and 2 properties during the three and six months ended June 30, 2011 for a gross disposition price of $108,500 and $14,350, respectively. The table below reflects disposition activity for the six months ended June 30, 2012.

Segment	Property	Date	Gross Disposition Price		Square Feet
Retail	Citizen Bank Branches – 30 Properties	Various		27,400		81,451
Industrial	Union Venture	5/17/2012		49,600		970,168
Retail	Lakewood Shopping Center I & II	6/21/2012		31,500		236,679
Total				108,500

The Company has presented separately as discontinued operations in all periods the results of operations for all disposed assets in consolidated operations. The components of the Company’s discontinued operations are presented below, which include the results of operations during the three and six months ended June 30, 2012 and 2011 in which the Company owned such assets.

		Three months ended June 30, 2012				Three months ended June 30, 2011				Six months ended June 30, 2012				Six months ended June 30, 2011
Revenues	$		1,514		$		15,769		$		4,410		$		30,338
Expenses			1,617				34,754				4,284				75,647
Operating loss from discontinued operations	$		(103	)	$		(18,985	)	$		126		$		(45,309	)
Gain (loss) on sale of properties	$		(2,231	)	$		1,210		$		(2,231	)	$		1,210
Loss of extinguishment of debt	$		(1,398	)	$		0		$		(1,398	)	$		0
Loss from discontinued operations, net	$		(3,732	)	$		(17,775	)	$		(3,503	)	$		(44,099	)

Expenses from discontinued operations include impairments of $0 and $40,861 for the six months ended June 30, 2012 and 2011, respectively.

For the six months ended June 30, 2012, the Company had generated proceeds from the sale of investment properties of $104,550. Losses of $2,231 were realized from the property dispositions as well as a loss on extinguishment of debt of $1,398. For the six months ended June 30, 2011, the Company had generated proceeds from the sale of investment properties of $24,914, which included the sale of a land parcel held for development. Gains of $1,210 were realized from the two sales.