Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

Note 10. Discontinued Operations

For the nine months ended September 30, 2011, we sold an industrial property located in each of Georgia and Texas and three shopping centers with two located in Texas and one in Kansas. We classified 11 properties with a net book value of $122.4 million as held for sale as of September 30, 2011, of which four are located in Texas, three in Florida and one each in Arizona, Georgia, Illinois and North Carolina. During 2010, we sold a shopping center located in Texas. The operating results of these properties have been reclassified and reported as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. Revenues recorded in the operating (loss) income from discontinued operations for the three and nine months ended September 30, 2011 totaled $4.8 million and $14.7 million, respectively. Revenues recorded in the operating (loss) income from discontinued operations for the three and nine months ended September 30, 2010 totaled $4.9 million and $14.7 million, respectively. Included in the Condensed Consolidated Balance Sheet at December 31, 2010 were $41.9 million of property and $10.3 million of accumulated depreciation related to properties sold during the nine months ended September 30, 2011.

For the three and nine months ended September 30, 2011, impairment losses of $14.8 million and $17.7 million, respectively, were reported in discontinued operations. No impairment was recognized during the three and nine months ended September 30, 2010. Also, for the nine months ended September 30, 2011, a gain on acquisition of $4.6 million was reported in discontinued operations in connection with our business combination as discussed in Note 4.

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.