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Acquisitions and Dispositions (Tables)
 6 Months Ended
Jun. 30, 2012
Acquisitions and Dispositions [Abstract]  
Asset Acquisitions
The following table details the Company’s acquisitions and mortgage note financings for the six months ended June 30, 2012:
(Dollars in millions)
Date
Acquired
 
Cash
Consideration
 
Real
Estate
 
Mortgage
Note
Financing
 
Other
 
Square
Footage
Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
South Dakota
1/20/12
 
$
15.0

 
$
14.9

 
$
—

 
$
0.1

 
58,285

North Carolina
2/10/12
 
6.4

 
6.4

 
—

 
—

 
23,312

Pennsylvania
3/16/12
 
1.2

 
1.1

 
—

 
0.1

 
—

Texas
5/23/12
 
1.2

 
10.7

 
(9.9
)
 
0.4

 
76,484



 
23.8

 
33.1

 
(9.9
)
 
0.6

 
158,081

Mortgage note financings

 
 
 
 
 
 
 
 
 
 
Texas
1/10/12
 
3.0

 
—

 
3.0

 
—

 
—

Texas
3/16/12
 
4.5

 
—

 
4.5

 
—

 
—

Florida
4/18/12
 
3.8

 
—

 
3.8

 
—

 
—

 
 
 
11.3

 
—

 
11.3

 
—

 
—

 
 
 
$
35.1

 
$
33.1

 
$
1.4

 
$
0.6

 
158,081
Asset Dispositions
The following table details the Company’s dispositions and mortgage note repayments for the six months ended June 30, 2012:
(Dollars in millions)
Date
Disposed
 
Net
Proceeds
 
Net Real
Estate
Investment
 
Other
(including
receivables)
 
Mortgage
Note
Receivable
 
Gain/
(Impairment)
 
Square
Footage
Real estate dispositions
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas (two properties) (1)
1/10/2012
 
$
0.4

 
$
2.5

 
$
—

 
$
(3.0
)
 
$
0.9

 
33,726

Florida (1)
1/19/2012
 
5.7

 
3.0

 
0.2

 
—

 
2.5

 
35,752

Florida (1)
3/2/2012
 
0.5

 
0.5

 
—

 
—

 
—

 
33,895

Texas (1)
3/16/2012
 
—

 
4.8

 
0.1

 
(4.5
)
 
(0.4
)
 
82,664

Tennessee (1)
4/13/2012
 
0.8

 
0.8

 
—

 
—

 
—

 
18,476

Florida (five properties)
4/18/2012
 
28.6

 
31.2

 
1.4

 
(3.8
)
 
(0.2
)
 
272,571

 
 
 
36.0

 
42.8

 
1.7

 
(11.3
)
 
2.8

 
477,084

Mortgage note repayments
 
 
19.1

 
—

 
—

 
19.1

 
—

 
—

Deconsolidation of VIE (2)
 
 
35.1

 
38.2

 
(3.4
)
 
—

 
0.3

 
113,602

Total dispositions and repayments
 
 
$
90.2

 
$
81.0

 
$
(1.7
)
 
$
7.8

 
$
3.1

 
590,686

________________
(1) Previously included in assets held for sale.
(2) “Other” includes construction liabilities transferred upon deconsolidation. “Gain” includes $0.4 million of net mortgage interest income recognized, partially offset by $0.1 million of general and administrative overhead expense that had been capitalized into the project that was reversed upon deconsolidation.
Discontinued Operations and Assets Held for Sale
The following tables detail the assets, liabilities, and results of operations included in discontinued operations on the Company’s Condensed Consolidated Statements of Operations and in assets and liabilities of discontinued operations on the Company’s Condensed Consolidated Balance Sheets. At June 30, 2012 and December 31, 2011, the Company had 9 and 15 properties, respectively, classified as held for sale. Of the 15 properties classified as held for sale at December 31, 2011, three properties in Texas and two properties in Florida were sold during the first quarter of 2012, and one property in Tennessee was sold during the second quarter of 2012.
(Dollars in thousands)
June 30,
2012
 
December 31,
2011
Balance Sheet data (as of the period ended):
 
 
 
Land
$
5,107

 
$
8,078

Buildings, improvements and lease intangibles
23,992

 
44,299

Personal property
440

 
458


29,539

 
52,835

Accumulated depreciation
(16,675
)
 
(24,557
)
Assets held for sale, net
12,864

 
28,278

Other assets, net (including receivables)
57

 
372

Assets of discontinued operations, net
57

 
372

Assets held for sale and discontinued operations, net
$
12,921

 
$
28,650

Accounts payable and accrued liabilities
$
100

 
$
404

Other liabilities
74

 
114

Liabilities of discontinued operations
$
174

 
$
518


 
Three Months Ended
 
Six Months Ended
(Dollars in thousands, except per share data)
June 30,
2012
 
June 30,
2011
 
June 30,
2012
 
June 30,
2011
Statements of Operations data (for the period ended):
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
Property operating
$
269

 
$
665

 
$
910

 
$
1,436

Single-tenant net lease
766

 
1,643

 
3,391

 
3,287

Straight-line rent
3

 
33

 
(4
)
 
31

Other operating
2

 
6

 
9

 
13

 
1,040

 
2,347

 
4,306

 
4,767

Expenses
 
 
 
 
 
 
 
Property operating
305

 
1,006

 
1,111

 
2,067

General and administrative
1

 
3

 
4

 
5

Depreciation
121

 
633

 
487

 
1,259

Amortization
—

 
(8
)
 
—

 
(16
)
Bad debt, net
1

 
—

 
(1
)
 
16

 
428

 
1,634

 
1,601

 
3,331

Other Income (Expense)
 
 
 
 
 
 
 
Interest and other income, net
47

 
6

 
72

 
12

 
47

 
6

 
72

 
12

Discontinued Operations
 
 
 
 
 
 
 
Income from discontinued operations
659

 
719

 
2,777

 
1,448

Impairments
(167
)
 
—

 
(4,336
)
 
(147
)
Gain on sales of real estate properties
3

 
—

 
3,431

 
36

Income from Discontinued Operations
$
495

 
$
719

 
$
1,872

 
$
1,337

Income from Discontinued Operations per Common Share—Basic
$
0.01

 
$
0.01

 
$
0.03

 
$
0.02

Income from Discontinued Operations per Common Share—Diluted
$
0.01

 
$
0.01

 
$
0.03

 
$
0.02