DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES

3 Months Ended

Mar. 31, 2013

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES

NOTE 3 DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES

All of our dispositions, for all periods presented, are included in discontinued operations in our Consolidated Statements of Operations and Comprehensive Income (Loss) and are summarized in the table below.  Gains on disposition and gains on debt extinguishment are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the property is disposed.

During the three months ended March 31, 2013, we sold our interests in two non-core assets totaling approximately 2 million square feet of GLA, which reduced our property level debt by $121.2 million. One property, which was previously transferred to a special servicer, was sold in a lender-directed sale in full satisfaction of the debt.  This resulted in a gain on extinguishment of debt of $25.9 million.

The following table summarizes the operations of the properties included in discontinued operations.

	Three Months Ended March 31,
	2013			2012
Retail and other revenue	$	1,067		$	36,238
Total revenues	1,067			36,238
Retail and other operating expenses	1,214			27,701
Provisions for impairment and other gains	4,975			10,393
Total expenses	6,189			38,094
Operating income (loss)	(5,122		)	(1,856		)
Interest expense, net	(1,521		)	(9,609		)
Gain on debt extinguishment	25,894			—
Net income (loss) from operations	19,251			(11,465		)
Provision for income taxes	—			(16		)
Losses on dispositions	(324		)	(28		)
Net income (loss) from discontinued operations	$	18,927		$	(11,509	)