ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2012

Payables and Accruals [Abstract]

Summary of Accounts Payable and Accrued Expenses

A summary of the Company’s Accounts Payable and Accrued Expenses follows:

	June 30, 2012		December 31, 2011
	(In thousands)
Property taxes payable	$	11,874	9,840
Development costs payable	3,229		5,928
Interest payable	2,682		2,736
Dividends payable on unvested restricted stock	1,436		1,415
Other payables and accrued expenses	5,074		11,286
	$	24,295	31,205