Dispositions

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

8. Dispositions

Discontinued Operations

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000. The sale resulted in net proceeds of $92,174,000after closing costs.

On March17, 2014, we entered into an agreement to sell Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000. The property is unencumbered. The sale will result in a net gain of approximately $40,000,000. The sale, which is subject to customary closing conditions, is expected to be completed in the third quarter of 2014.

We have reclassified the revenues and expenses of the properties discussed above 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 consolidated financial statements. The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations at March 31, 2014 and December 31, 2013 and their combined results of operations for thethree months ended March 31, 2014 and 2013.

	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,
	2014		2013		2014		2013
Beverly Connection	$	207,575	$	208,458	$	-	$	-
Broadway Mall		-		106,164		-		13,950
Total	$	207,575	$	314,622	$	-	$	13,950
					For the Three Months
(Amounts in thousands)					Ended March 31,
					2014		2013
Total revenues					$	8,283	$	25,990
Total expenses						5,550		20,043
						2,733		5,947
Impairment losses						(842)		(1,514)
Net gain on sale of Green Acres Mall						-		202,275
Net gain on sale of other real estate						-		54
Income from discontinued operations					$	1,891	$	206,762

Other

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE:PEI) (“PREIT”) in exchange for $465,000,000comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units.In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “impairment losses and acquisition related costs” on our consolidated statements of income. The redevelopment is expected to be completed in the fourth quarter of 2014. The closing will be no later than March 31, 2015.