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Related Party Arrangements
 12 Months Ended
Dec. 31, 2012
Related Party Arrangements  
Related Party Arrangements

11. Related Party Arrangements

Unconsolidated Entities

        The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company received fees of $10,257,000, $9,656,000 and $7,354,000 in the years ended December 31, 2012, 2011 and 2010, respectively. These fees are included in management, development and other fees on the accompanying Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $3,484,000 and $4,294,000 as of December 31, 2012 and 2011, respectively.

Director Compensation

        Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock awards) having a value of $125,000 and (ii) a cash payment of $60,000, payable in quarterly installments of $15,000. The number of shares of restricted stock (or deferred stock awards) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of a deferred stock award. In addition, the Lead Independent Director receives an annual fee of $30,000 payable in equal quarterly installments of $7,500.

        The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $880,000, $778,000, and $802,000 for the years ended December 31, 2012, 2011 and 2010, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards was $364,000 and $370,000 on December 31, 2012 and December 31, 2011, respectively.