COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments annd Contingencies

12. COMMITMENTS AND CONTINGENCIES

          As the owner or operator of real property, we may incur liability based on various property conditions and may be subject to liability for personal injury or property damage sustained as a result. We maintain sufficient comprehensive, general liability and extended insurance coverage as deemed necessary with respect to our properties. In addition, we may be potentially liable for costs and damages related to environmental matters. In particular, we are subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks.

          On July 14, 2014, two of our alleged stockholders, filed a stockholder derivative petition and purported class action in the Harris County, Texas District Court, seeking injunctive relief in connection with alleged breach of fiduciary duty claims against each of our directors in connection with the board’s consideration of an unsolicited proposal from Regency Centers Corporation, announced on July 10, 2014, to acquire all of the outstanding shares of our common stock. The complaint also names us as a nominal defendant in connection with the shareholder derivative claim. There have been no further pleadings in this action since the filing of the complaint. We believe these claims are without merit and intend to defend against the claims vigorously.

          There are no material legal proceedings known to be contemplated against us, and we are not aware of any pending environmental proceedings with respect to our properties that would have a material adverse effect on our consolidated financial statements.