Real Estate Activities (Tables)

9 Months Ended

Sep. 30, 2013

Investments in real estate as of September 30, 2013 and December 31, 2012 were comprised of the following:



(in thousands of dollars)	As of September 30, 2013			As of December 31, 2012
Buildings, improvements and construction in progress	$	3,039,163		$	2,996,301
Land, including land held for development	481,988			481,239
Total investments in real estate	3,521,151			3,477,540
Accumulated depreciation	(993,735		)	(907,928		)
Net investments in real estate	$	2,527,416		$	2,569,612

Summary of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest

The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the three and nine months ended September 30, 2013 and 2012:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of dollars)	2013		2012		2013		2012
Development/Redevelopment Activities:
Salaries and benefits	$	272	$	193	$	585	$	675
Real estate taxes	5		133		5		277
Interest	331		325		620		1,430
Leasing Activities:
Salaries, commissions and benefits	1,180		1,636		3,902		4,137

Dispositions of Assets for Discontinued Operations

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⁾⁽³⁾	Power center	6.9	%	76.8		32.7
February	Orlando Fashion Square, Orlando, Florida ⁽⁴⁾	Mall	9.8	%	35.0		0.6
September	Commons at Magnolia, Florence, South Carolina ⁽⁵⁾	Strip center	8.9	%	12.3		4.2
	Christiana Center, Newark, Delaware ^(3)(5)(6)	Power center	6.5	%	75.0		40.9

_________________________


⁽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 to the unaudited consolidated financial statements).


⁽²⁾	We used proceeds from the sale of this property to repay the $50.0 million mortgage loan secured by the property.


⁽³⁾	We divested goodwill of $0.7 million and $0.8 million in connection with the dispositions of Paxton Towne Centre and Christiana Center, respectively.


⁽⁴⁾	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.


⁽⁵⁾	We used combined proceeds from the sales of these properties to repay $35.0 million of amounts outstanding under our 2013 Revolving Facility and we used the remaining proceeds for general corporate purposes.


⁽⁶⁾	The buyer of this property assumed the $49.2 million mortgage loan secured by this property.

Summary of Revenue and Expense Information for Discontinued Operations

following table summarizes revenue and expense information for the three and nine months ended September 30, 2013 and 2012 for these discontinued operations:



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands of dollars)	2013			2012			2013			2012
Real estate revenue	$	1,427		$	7,027		$	6,221		$	21,048
Expenses:
Operating expenses	(443		)	(2,983		)	(2,170		)	(9,521		)
Depreciation and amortization	(62		)	(1,858		)	(216		)	(5,662		)
Interest expense	(494		)	(1,101		)	(1,753		)	(3,031		)
Total expenses	(999		)	(5,942		)	(4,139		)	(18,214		)
Operating results from discontinued operations	428			1,085			2,082			2,834
Gains on sales of discontinued operations	45,097			—			78,351			—
Income from discontinued operations	$	45,525		$	1,085		$	80,433		$	2,834

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details