Note 3 - Discontinued Operations

3 Months Ended

Mar. 31, 2013

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2012 financial statement amounts.

The components of income and expense relating to discontinued operations for the three months ended March 31, 2013 and 2012 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held-for-sale as of March 31, 2013 (in thousands):

	Three Months Ended March 31,
	2013			2012
Discontinued operations:
Revenues from rental property	$	378		$	12,057
Rental property expenses		(18	)		(4,725	)
Depreciation and amortization		(35	)		(5,330	)
Provision for doubtful accounts		(256	)		(331	)
Interest expense		-			(210	)
Other expense, net		(3	)		(97	)
Income from discontinued operating properties, before income taxes		66			1,364
Impairment of property carrying value, before income taxes		(31	)		(9,330	)
Gain on disposition of operating properties		2,496			11,979
Benefit for income taxes, net		49			539
Income from discontinued operating properties		2,580			4,552
Net loss/(income) attributable to noncontrolling interests		12			(2,242	)
Income from discontinued operations attributable to the Company	$	2,592		$	2,310

During the three months ended March 31, 2013, the Company classified as held-for-sale one operating property, comprising 14,600 square feet of GLA.  The book value of this property was $0.2 million, net of accumulated depreciation of $0.9 million, which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets.   The book value of this property did not exceed its estimated fair value, less costs to sell, and as such no impairment charge was recognized.  The Company’s determination of the fair value of this property of $0.2 million was based upon an executed contract of sale with a third party.   In addition, the Company completed the sale of one operating property during the three months ended March 31, 2013 which was classified as held-for-sale during 2012 (this disposition is included in Footnote 2 above).