Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

Note 4 - Discontinued Operations

In February 2011, the Company completed the sale of Oak Hollow Mall in High Point, NC, for a gross sales price of $9,000.  Net proceeds from the sale were used to retire the outstanding principal balance and accrued interest of $40,281 on the non-recourse loan secured by the property in accordance with the lender's agreement to modify the outstanding principal balance and accrued interest to equal the net sales price for the property.  The Company recorded a gain on the extinguishment of debt of $31,434 in the first quarter of 2011.  The Company also recorded a loss on impairment of real estate in the first quarter of 2011 of $2,746 to write down the book value of the property to the net sales price.  The results of operations of this property, the gain on extinguishment of debt and the loss on impairment of real estate are reflected in discontinued operations for the six months ended June 30, 2011.  As of June 30, 2010, the Company recorded a loss on impairment of real estate of $25,435 related to the property to write down its depreciated book value to its then estimated fair value.  The property's results of operations and this impairment loss are reflected in discontinued operations for the three and six months ended June 30, 2010.

In October 2010, the Company completed the sale of Pemberton Square, located in Vicksburg, MS, for a sales price of $1,863 less commissions and customary closing costs for a net sales price of $1,782.  The Company recorded a gain of $379 attributable to the sale in the fourth quarter of 2010.  Proceeds from the sale were used to reduce the outstanding borrowings on the Company's $525,000 secured credit facility.  The results of operations of this property are included in discontinued operations for the three and six month periods ended June 30, 2010.

In December 2010, the Company completed the sale of Milford Marketplace, located in Milford, CT, and the conveyance of its ownership interest in phase I of Settlers Ridge, located in Robinson Township, PA, for a sales price of $111,835 less commissions and customary closing costs for a net sales price of $110,709.  The Company recorded a loss on impairment of assets of $12,363 in the fourth quarter of 2010 to reflect the fair value of the properties at the time of the sale.  Net proceeds from the sale, after repayment of a construction loan, were used to reduce the outstanding borrowings on the Company's $525,000 secured credit facility.  The results of operations of these properties are included in discontinued operations for the three and six month periods ended June 30, 2010.

In December 2010, the Company completed the sale of Lakeview Pointe, located in Stillwater, OK, for a sales price of $21,000 less commissions and customary closing costs for a net sales price of $20,631.  The Company recorded a loss on impairment of real estate assets of $1,302 in the fourth quarter of 2010 to reflect the fair value of the property at the time of sale.  Net proceeds from the sale, after repayment of a construction loan, were used to reduce the outstanding borrowings on the Company's $525,000 secured credit facility.  The results of operations of this property are included in discontinued operations for the three and six month periods ended June 30, 2010.

Total revenues of the centers described above that are included in discontinued operations were $242 and $4,493 for the three months ended June 30, 2011 and 2010, respectively, and $(513) and $8,939 for the six months ended June 30, 2011 and 2010, respectively.  Discontinued operations for the three and six month periods ended June 30, 2011 and 2010 also include true-ups of estimated expense to actual amounts for properties sold during previous years.