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Discontinued Operations and Disposition of Real Estate and Real Estate Investments
 12 Months Ended
Dec. 31, 2011
Discontinued Operations and Disposition of Real Estate and Real Estate Investments [Abstract]  
Discontinued Operations and Disposition of Real Estate and Real Estate Investments

12.    Discontinued Operations and Disposition of Real Estate and Real Estate Investments

Discontinued Operations

During the year ended December 31, 2011, the Company sold 34 properties that were classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009. The Company has one asset considered held for sale at December 31, 2011.

Included in discontinued operations for the three years ended December 31, 2011, are 97 properties (including the deconsolidated properties noted below). Of these properties, 96 were previously included in the shopping center segment, and one of these properties was previously included in the other investments segment (Note 17). In addition, included in discontinued operations are 26 other properties that were deconsolidated for accounting purposes in 2011 and 2010, which primarily represented the activity associated with the joint venture that owns the underlying real estate formerly occupied by Mervyns. The operations of these properties were classified as discontinued operations for all periods presented, as the Company has no significant continuing involvement.

The balance sheet related to the asset held for sale and the operating results related to assets sold, designated as held for sale or deconsolidated as of December 31, 2011, are as follows (in thousands):

 

 

         
    December 31, 2011  

Land

   $ 1,089  

Building

     1,178  

Fixtures and tenant improvements

     1,000  
   

 

 

  
      3,267  

Less: Accumulated depreciation

     (977 ) 
   

 

 

  

     Total real estate held for sale

   $ 2,290  
   

 

 

  

 

 

 

                         
    For the Year Ended December 31,  
    2011     2010     2009  

Revenues

   $ 27,798     $ 52,027     $ 87,323  
   

 

 

    

 

 

    

 

 

  

Operating expenses

     10,174       22,112       39,785  

Impairment charges

     24,029       87,045       141,973  

Interest, net

     7,500       20,989       33,266  

Debt extinguishment costs, net

     7,191       409       439  

Depreciation and amortization

     7,677       17,457       29,744  
   

 

 

    

 

 

    

 

 

  
      56,571       148,012       245,207  
   

 

 

    

 

 

    

 

 

  

Loss from discontinued operations

     (28,773 )      (95,985 )      (157,884 ) 

Gain on deconsolidation of interests

     4,716       5,221       —  

Gain (loss) on disposition of real estate, net of tax

     40,163       5,775       (24,027 ) 
   

 

 

    

 

 

    

 

 

  

Income (loss) from discontinued operations

   $ 16,106     $ (84,989 )    $ (181,911 ) 
   

 

 

    

 

 

    

 

 

  

Disposition of Real Estate and Real Estate Investments

The Company recorded net gains on disposition of real estate and real estate investments as follows (in millions):

 

 

                         
    For the Year Ended December 31  
        2011             2010             2009      

Land sales (A)

   $ (0.4 )    $ 1.0     $ 4.8  

Previously deferred gains and other gains and losses on dispositions (B)

     7.5       0.3       4.3  
   

 

 

    

 

 

    

 

 

  
    $ 7.1     $ 1.3     $ 9.1  
   

 

 

    

 

 

    

 

 

  

 

(A) These dispositions did not meet the criteria for discontinued operations, as the land did not have any significant operations prior to disposition.

 

(B) These gains are a result of partial asset sales that did not meet the criteria for discontinued operations and assets that were contributed to joint ventures in prior years.