ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2011

Acquisitions And Disposition OfProperties And Discontinued Operations [Text Block]

4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

Acquisitions

During June 2011, the Company acquired 15 Mercer Street, a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million.

During May 2011, the Company acquired 651-671 West Diversey Parkway, a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million.

During April 2011, the Company, through Fund III, acquired The Heritage Shops at Millennium Park, a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois, for $31.6 million.

During February 2011, Fund III, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties.

During February 2011, Fund III, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property.

Discontinued Operations

The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Financial Statements for all periods presented.

During May 2011, the Company sold the Ledgewood Mall, a 517,000 square foot, unencumbered enclosed mall located in Ledgewood, New Jersey, for $37.0 million. The sale resulted in a gain of $28.6 million.

During January 2011, the Company completed the sale of a Fund II leasehold interest in the Neiman Marcus location at Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The sale resulted in a gain of $3.9 million.

The combined assets and liabilities as of December 31, 2010 and results of operations of the properties classified as discontinued operations for the three and six months ended June 30, 2011 and 2010, respectively are summarized as follows:

BALANCE SHEET	December 31,
(dollars in thousands)	2010
ASSETS
Net real estate	$	9,420
Rents receivable, net		492
Deferred charges, net of amortization		2,015
Prepaid expenses and other assets, net		122
Total assets of discontinued operations	$	12,049
LIABILITIES
Accounts payable and accrued expenses	$	43
Other liabilities		129
Total liabilities of discontinued operations	$	172

STATEMENTS OF OPERATIONS	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2011			2010			2011			2010
Total revenues	$	468		$	1,465		$	1,803		$	3,023
Total expenses		283			992			1,255			2,320
Operating income		185			473			548			703
Gain on sale of property		28,576			—			32,498			—
Income from discontinued operations		28,761			473			33,046			703
Income from discontinued operations attributable to noncontrolling interests		(332	)		(52	)		(3,514	)		(102	)
Income from discontinued operations attributable to Common Shareholders	$	28,429		$	421		$	29,532		$	601