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Discontinued Operations
 9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
For the nine months ended September 30, 2012, we sold 21 shopping centers, 53 industrial properties, and we assigned a 75% consolidated joint venture interest to our partner. Of these dispositions, 52 were located in Texas, six each in Georgia and Florida, two each in Louisiana, North Carolina and Virginia and one each in Arizona, Kansas, Maine, Oklahoma and Tennessee. We classified six shopping centers, of which three are located in Texas and one each in Arizona, North Carolina and Illinois, as held for sale. As part of these 2012 dispositions, we sold in May 2012 a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT. As of September 30, 2012, the six properties classified as held for sale consisted of property and accumulated depreciation totaling $94.5 million and $21.1 million, respectively.
During 2011, we sold three industrial properties, of which two were located in Georgia and one in Texas, and eight shopping centers, of which five were located in Texas and one each in Florida, Kansas and North Carolina. As of December 31, 2011, we classified as held for sale seven shopping centers with a net book value of $73.2 million, of which three were located in Texas and one each in Arizona, Florida, Illinois and North Carolina.
Included in the Condensed Consolidated Balance Sheet at December 31, 2011 were $660.6 million of property and $155.8 million of accumulated depreciation related to retail and industrial properties that were either sold during 2012 or classified as held for sale as of September 30, 2012.

The operating results of these properties, which includes the six properties held for sale, have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows (in thousands):
 
  
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2012
 
2011
 
2012
 
2011
Revenues, net
$
4,915

 
$
20,499

 
$
36,938

 
$
61,292

Depreciation and amortization
(318
)
 
(6,784
)
 
(6,391
)
 
(20,344
)
Operating expenses
(783
)
 
(3,772
)
 
(6,892
)
 
(10,901
)
Real estate taxes, net
(653
)
 
(3,330
)
 
(5,294
)
 
(9,259
)
Impairment loss
(177
)
 
(18,531
)
 
(5,502
)
 
(21,420
)
General and administrative
(216
)
 
(15
)
 
(2,177
)
 
(47
)
Interest expense, net
(132
)
 
(339
)
 
(617
)
 
(1,716
)
Gain on acquisition (see Note 18)
—

 
—

 
—

 
4,559

Provision for income taxes
—

 
—

 
(302
)
 
(362
)
Operating income (loss) from discontinued operations
2,636

 
(12,272
)
 
9,763

 
1,802

Gain on sale of property from discontinued operations
14,826

 
586

 
49,724

 
586

Income (loss) from discontinued operations
$
17,462

 
$
(11,686
)
 
$
59,487

 
$
2,388


We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.