Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

9. Discontinued Operations

2013 Activity:

On January 24, 2013, we completed the sale of the Green Acres Mall located in Valley Stream, New York, for $500,000,000. The sale resulted in net proceeds of $185,000,000, after repaying the existing loan and closing costs, and a net gain of $202,275,000.

In the second quarter of 2013, we soldThe Plant, a power strip shopping center in San Jose, California, for $203,000,000. The sale resulted in net proceeds of approximately $98,000,000, after repaying the existing loanand closing costs, and a net gain of approximately $33,000,000, which will be recognized in the second quarter.

In the second quarter of 2013, we sold a retail property in Philadelphia, which is a part of the Gallery at Market Street, for $60,000,000. The sale resulted in net proceeds of $58,000,000, and a net gain of $33,000,000, which will be recognized in the second quarter.

2012 Activity:

On January 6, 2012, we completed the sale of 350 West Mart Center, a 1.2 million square foot office building in Chicago, Illinois, for $228,000,000, in cash, which resulted in a net gain of $54,911,000.

In the first quarter of 2012, we sold seven retail properties in separate transactions, for an aggregate of $83,670,000, in cash, which resulted in a net gain aggregating $906,000.

We have reclassified the revenues and expenses of all of the properties discussed above, as well as certain other retail properties that are currently held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements.The tables below set forth the assets and liabilities related to discontinued operations at March 31, 2013 and December 31, 2012 and their combined results of operations for thethree months ended March 31, 2013 and 2012.

	Assets Related to				Liabilities Related to
(Amounts in thousands)	Discontinued Operations as of				Discontinued Operations as of
	March 31,		December 31,		March 31,		December 31,
	2013		2012		2013		2012
Retail properties	$	229,081	$	532,463	$	103,609	$	420,508
Other properties		31,717		33,499		-		-
Total	$	260,798	$	565,962	$	103,609	$	420,508
					For the Three Months
(Amounts in thousands)					Ended March 31,
					2013		2012
Total revenues					$	23,686	$	59,934
Total expenses						17,440		44,379
						6,246		15,555
Net gain on sale of Green Acres Mall						202,275		-
Net gain on sale of 350 West Mart Center						-		54,911
Impairment loss						(1,514)		-
Net gains on sale of other real estate						54		906
Income from discontinued operations					$	207,061	$	71,372