Subsequent Event Subsequent Event

3 Months Ended

Apr. 30, 2013

Subsequent Event [Abstract]

Subsequent Events [Text Block]

Subsequent Event

On June 3, 2013, the Company signed an agreement with a subsidiary of Queensland Investment Corporation (“QIC”) to create joint ventures at each of eight regional malls (“Retail assets”) currently owned in whole or in part by the Company (collectively, the “JV”). At closing, the Company will contribute all of its ownership interests in each of the Retail assets into the JV for a 51% ownership interest in the JV and QIC will contribute cash for its 49% ownership interest in the JV. The resulting Company ownership percentages of the individual Retail assets will vary depending on existing partnerships at three of the Retail assets.

As of April 30, 2013, the Retail assets have a historical net real estate basis approximating $894,000,000 and nonrecourse mortgage debt of approximately $953,000,000.

Cash liquidity generated from the transaction is expected to be approximately $330,000,000, after transaction costs. The Company expects to continue to serve as the asset and property manager for the Retail assets. Upon final closing of the JV, the Company will assess the applicable consolidation method of the JV and applicable gain recognition, if any. The Company continues to negotiate the final agreements with QIC, and cannot assure the transaction will close at the terms described above, or at all.