Write-Off of Abandoned Development Projects and Demolition Costs

9 Months Ended

Sep. 30, 2014

Write-off of Abandoned Development Projects and Demolition Costs [Abstract]

Write-Off of Abandoned Development Projects and Demolition Costs [Text Block]

Write-Offs of Abandoned Development Projects and Demolition Costs

On a quarterly basis, the Company reviews each project under development to determine whether it is probable that the project will be developed. If management determines the project will not be developed, its project costs and other related expenses are written off as an abandoned development project cost. The Company abandons projects under development for a number of reasons, including, but not limited to, changes in local market conditions, increases in construction or financing costs or third party challenges related to entitlements or public financing. The Company recorded write-offs of abandoned development projects and demolition costs of $456,000 and $1,389,000 during the three and nine months ended September 30, 2014, respectively, and $3,459,000 and $17,012,000 during the three and nine months ended September 30, 2013, respectively. Non-capitalizable demolition costs of $456,000 and $1,106,000 for the three and nine months ended September 30, 2014, respectively, and $155,000 for both the three and nine months ended September 30, 2013 are included in write-offs of abandoned development projects and demolition costs.