ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2012

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Schedule of Purchase Price Allocation [Table Text Block]

The following table summarizes the preliminary allocation of the purchase price of these properties as recorded as of December 31, 2011, and the finalized allocation of the purchase price as adjusted as of September 30, 2012:

(dollars in thousands)	Finalized Purchase Price Allocation			Preliminary Purchase Price Allocation
Land	$	12,150		$	5,438
Buildings and improvements	11,009			18,563
Acquisition-related intangible assets (in Acquired lease intangibles, net)	1,027			—
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)	(185		)	—
Total consideration	$	24,001		$	24,001

The following table summarizes both the Company's preliminary and finalized allocations of the purchase prices of assets acquired and liabilities assumed during 2012:

4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

Acquisitions (continued)

(dollars in thousands)	Purchase Price Allocation as Originally Reported			Adjustments			Finalized Purchase Price Allocation			Preliminary Purchase Price Allocation (1)
Land	$	50,870		$	4,951		$	55,821		$	27,084
Buildings and improvements	67,303			(7,432		)	59,871			85,592
Acquisition-related intangible assets (in Acquired lease intangibles, net)	2,482			3,463			5,945			—
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)	(4,387		)	(1,056		)	(5,443		)	—
Above-below market debt assumed (included in Mortgage notes payable)	935			74			1,009			—
Total consideration	$	117,203		$	—		$	117,203		$	112,676

(1) Represents preliminary allocation for 2012 acquisitions where purchase price allocations have not been finalized

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The combined assets and liabilities as of December 31, 2011, and the results of operations of the properties classified as discontinued operations for the three and nine months ended September 30, 2012 and September 30, 2011, respectively are summarized as follows:

BALANCE SHEET
ASSETS	December 31, 2011
(dollars in thousands)
Net real estate	$	33,817
Rents receivable, net	830
Deferred charges, net	1,483
Prepaid expenses and other assets	96
Total assets of discontinued operations	$	36,226
LIABILITIES
Mortgage notes payable	$	20,760
Accounts payable and accrued expenses	710
Other liabilities	702
Total liabilities of discontinued operations	$	22,172

	Three Months Ended						Nine Months Ended
STATEMENTS OF OPERATIONS	September 30,			September 30,			September 30,			September 30,
(dollars in thousands)	2012			2011			2012			2011
Total revenues	$	226		$	1,766		$	1,917		$	6,457
Total expenses	125			890			1,134			3,712
Operating income	101			876			783			2,745
Impairment of asset	—			—			—			(6,925		)
Gain on sale of property	5,917			—			8,585			32,498
Income from discontinued operations	6,018			876			9,368			28,318
(Income) from discontinued operations attributable to noncontrolling interests	(4,702		)	(634		)	(7,604		)	(707		)
Income from discontinued operations attributable to Common Shareholders	$	1,316		$	242		$	1,764		$	27,611