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Real Estate Activities
 6 Months Ended
Jun. 30, 2013
Real Estate [Abstract]  
Real Estate Activities
REAL ESTATE ACTIVITIES

Investments in real estate as of June 30, 2013 and December 31, 2012 were comprised of the following:
 
(in thousands of dollars)
As of June 30,
2013
 
As of December 31,
2012
Buildings, improvements and construction in progress
$
3,058,793

 
$
2,996,301

Land, including land held for development
494,333

 
481,239

Total investments in real estate
3,553,126

 
3,477,540

Accumulated depreciation
(971,715
)
 
(907,928
)
Net investments in real estate
$
2,581,411

 
$
2,569,612



Capitalization of Costs

The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the three and six months ended June 30, 2013 and 2012:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(in thousands of dollars)
2013
 
2012
 
2013
 
2012
Development/Redevelopment Activities:
 
 
 
 
 
 
 
Salaries and benefits
$
136

 
$
349

 
$
313

 
$
482

Real estate taxes
—

 
92

 
—

 
485

Interest
213

 
557

 
289

 
1,105

Leasing Activities:
 
 
 
 
 
 
 
Salaries, commissions and benefits
1,185

 
1,176

 
2,722

 
2,501




Acquisitions

In April 2013, we acquired a building located contiguous to The Gallery at Market East in Philadelphia, Pennsylvania for $59.6 million, representing a capitalization rate of approximately 5.7%.

Dispositions

The table below presents our dispositions since January 1, 2013:
 
Sale Date
 
Property and 
Location
 
Description of Real 
Estate Sold
 
Capitalization 
Rate
 
Sale Price (in millions of dollars)
 
Gain (in millions of dollars)
2013 Activity:
 
 
 
 
 
 
 
 
 
 
January
 
Phillipsburg Mall,
Phillipsburg, New Jersey (1)
 
Mall
 
9.8
%
 
$
11.5

 
$
—

 
 
Paxton Towne Centre,
Harrisburg, Pennsylvania (2)
 
Power center
 
6.9
%
 
76.8

 
32.7

February
 
Orlando Fashion Square,
Orlando, Florida (3)
 
Mall
 
9.8
%
 
35.0

 
0.6

_________________________
(1) 
We used proceeds of $11.5 million plus $4.5 million of available working capital to pay for the release of the lien on this collateral property that secured a portion of the 2010 Credit Facility (as defined in note 4).
(2) 
We used proceeds from the sale of this property to repay the $50.0 million mortgage loan secured by the property.
(3) 
We used proceeds of $35.0 million plus a nominal amount of available working capital to pay for the release of the lien on this collateral property that secured a portion of the 2010 Credit Facility.

Discontinued Operations

We have presented as discontinued operations the operating results of Phillipsburg Mall, Orlando Fashion Square, Paxton Towne Centre and Christiana Center, a power center that was under agreement of sale as of June 30, 2013.

The following table summarizes revenue and expense information for the three and six months ended June 30, 2013 and 2012 for our discontinued operations:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(in thousands of dollars)
2013
 
2012
 
2013
 
2012
Real estate revenue
$
1,429

 
$
6,643

 
$
4,172

 
$
13,432

Expenses:
 
 
 
 
 
 
 
Operating expenses
(173
)
 
(3,209
)
 
(1,614
)
 
(6,422
)
Depreciation and amortization
—

 
(1,827
)
 
—

 
(3,574
)
Interest expense
(587
)
 
(980
)
 
(1,259
)
 
(1,930
)
Total expenses
(760
)
 
(6,016
)
 
(2,873
)
 
(11,926
)
Operating results from discontinued operations
669

 
627

 
1,299

 
1,506

Gains on sales of discontinued operations
—

 
—

 
33,254

 
—

Income from discontinued operations
$
669

 
$
627

 
$
34,553

 
$
1,506