2.2.0.25truefalse0214 - Disclosure - Accounting for the Impairment or Disposal of Long-Lived Assetstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2false0us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel| 1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 14 - us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>14. ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Discontinued Operations</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The operating results and gain/(loss) on disposition of real estate for properties sold and held
for sale are reflected in the consolidated statements of operations as discontinued operations.
Prior year financial statements have been adjusted for discontinued operations. The proceeds from
dispositions of operating properties with no continuing involvement were $29.0 million, $165.6
million and $80.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations of the properties disposed of through the
respective disposition dates (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Year Ended December 31,</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,283</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,400</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">36,468</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Operating expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,446</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,130</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,873</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(384</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,862</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,694</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(597</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,458</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8,102</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before property
dispositions and impairment
charges
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">856</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,950</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,799</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense is allocated to discontinued operations. The allocation of interest expense
to discontinued operations was based on the ratio of net assets sold (without continuing
involvement) to the sum of total net assets plus consolidated debt.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Asset Impairment</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the years ended December 31, 2010, 2009 and 2008, the Company recognized impairment losses
of $957,000, $9.5 million (Excludes $94.5 million impairment charges recognized in 2009 related to
investments in unconsolidated joint ventures and goodwill. See Note 2.) and $3.1 million,
respectively. The impairment losses are for operating properties or land parcels and were in the
segments and for the amounts as indicated below (amounts in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>Year Ended December 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Segment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Northeast
</div></td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(52 </td>
<td nowrap="nowrap">)(1)</td>
<td> </td>
<td align="left">$</td>
<td align="right">1,251</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">957</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Midwest
</div></td>
<td> </td>
<td> </td>
<td align="right">511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">837</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,490</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Mid-Atlantic
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(239 </td>
<td nowrap="nowrap">)(1)</td>
<td> </td>
<td> </td>
<td align="right">3,992</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">629</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">South
</div></td>
<td> </td>
<td> </td>
<td align="right">360</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">292</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Philadelphia/D.C.
</div></td>
<td> </td>
<td> </td>
<td align="right">377</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,137</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">957</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,509</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,076</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 3pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>
<div style="text-align: justify">Represents recovery of
estimated sales costs on properties sold.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Impairment losses of $327,000 were recognized in the fourth quarter of 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">For the year ended December 31, 2010, $579,000 in impairments related to properties sold were
included in the caption discontinued operations in the Company’s consolidated statement of
operations and $378,000 in impairments were included in the caption impairment charges —
investment in unconsolidated joint ventures and other in the Company’s consolidated statement of
operations. For the year ended December 31, 2009, $5.8 million in impairments related to
properties sold were included in the caption discontinued operations in the Company’s consolidated
statement of operations and $3.7 million in impairment was included in the caption impairment
charges — investment in unconsolidated joint ventures and other in the Company’s consolidated
statement of operations. For the year ended December 31, 2008, $3.1 million in impairment related
to properties sold was included in the caption discontinued operations in the Company’s statement
of operations. The Company determined these impairments through a comparison of the aggregate
future cash flows (including quoted offer prices) to be generated by the properties to the carrying
value of the properties. The Company has evaluated each of the properties and land held for
development and has determined that there are no additional valuation adjustments necessary at
December 31, 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"> 
</div>
</div>
falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringDescribes an entity's accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section CC
-Subsection 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7-15, 26, 30-37
falsefalse
3false0natruenanaNo definition available.falsetruefalsefalsefalsefalsefalsefalsefalsefalsehttp://libertyproperty.com/role/sfasno144accountingforimpairmentordisposaloflonglivedassets| 1falsefalsefalse00falsefalsefalsefalsefalse | 2falsefalseUSDtruefalse{dei_LegalEntityAxis} : LIBERTY PROPERTY LIMITED PARTNERSHIP
1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010_Limited_Partnership_Memberhttp://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00falsefalseLIBERTY PROPERTY LIMITED PARTNERSHIPdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldilry_LimitedPartnershipMemberdei_LegalEntityAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$OthernaNo definition available.No authoritative reference available.falsefalse
4false0us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel| 1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 28 - us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>12. ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Discontinued Operations</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The operating results and gain/(loss) on disposition of real estate for properties sold and held
for sale are reflected in the consolidated statements of operations as discontinued operations.
Prior year financial statements have been adjusted for discontinued operations. The proceeds from
dispositions of operating properties with no continuing involvement were $29.0 million, $165.6
million and $80.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations of the properties disposed of through the
respective disposition dates (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Year Ended December 31,</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,283</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,400</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">36,468</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Operating expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,446</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,130</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,873</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(384</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,862</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,694</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(597</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,458</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8,102</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before property
dispositions and impairment
charges
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">856</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,950</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,799</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense is allocated to discontinued operations. The allocation of interest expense
to discontinued operations was based on the ratio of net assets sold (without continuing
involvement) to the sum of total net assets plus consolidated debt.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Asset Impairment</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the years ended December 31, 2010, 2009 and 2008, the Company recognized impairment losses
of $957,000, $9.5 million (Excludes $94.5 million impairment charges recognized in 2009 related to
investments in unconsolidated joint ventures and goodwill. See Note 2.) and $3.1 million,
respectively. The impairment losses are for operating properties or land parcels and were in the
segments and for the amounts as indicated below (amounts in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>Year Ended December 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Segment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Northeast
</div></td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(52 </td>
<td nowrap="nowrap">)(1)</td>
<td> </td>
<td align="left">$</td>
<td align="right">1,251</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">957</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Midwest
</div></td>
<td> </td>
<td> </td>
<td align="right">511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">837</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,490</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Mid-Atlantic
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(239 </td>
<td nowrap="nowrap">)(1)</td>
<td> </td>
<td> </td>
<td align="right">3,992</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">629</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">South
</div></td>
<td> </td>
<td> </td>
<td align="right">360</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">292</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Philadelphia/D.C.
</div></td>
<td> </td>
<td> </td>
<td align="right">377</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,137</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">957</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,509</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,076</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 3pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>
<div style="text-align: justify">Represents recovery of estimated sales costs on properties sold.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Impairment losses of $327,000 were recognized in the fourth quarter of 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">For the year ended December 31, 2010, $579,000 in impairments related to properties sold were
included in the caption discontinued operations in the Company’s consolidated statement of
operations and $378,000 in impairments were included in the caption impairment charges —
investment in unconsolidated joint ventures and other in the Company’s consolidated statement of
operations. For the year ended December 31, 2009, $5.8 million in impairments related to
properties sold were included in the caption discontinued operations in the Company’s consolidated
statement of operations and $3.7 million in impairment was included in the caption impairment
charges — investment in unconsolidated joint ventures and other in the Company’s consolidated
statement of operations. For the year ended December 31, 2008, $3.1 million in impairment related
to properties sold was included in the caption discontinued operations in the Company’s statement
of operations. The Company determined these impairments through a comparison of the aggregate
future cash flows (including quoted offer prices) to be generated by the
properties to the carrying value of the properties. The Company has evaluated each of the
properties and land held for development and has determined that there are no additional valuation
adjustments necessary at December 31, 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
</div>
falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringDescribes an entity's accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section CC
-Subsection 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7-15, 26, 30-37
falsefalse
13Accounting for the Impairment or Disposal of Long-Lived AssetsUnKnownUnKnownUnKnownUnKnownfalsetrue