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Note 7 - Discontinued Operations and Assets Held-for-Sale
 12 Months Ended
Dec. 31, 2012
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
7.   Discontinued Operations and Assets Held-for-Sale:

The Company reports as discontinued operations assets held-for-sale as of the end of the current period and assets sold during the period.  All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Income under the caption Discontinued operations.  This has resulted in certain reclassifications of 2012, 2011 and 2010 financial statement amounts.

The components of Income from discontinued operations for each of the three years in the period ended December 31, 2012, are shown below. These include the results of Income through the date of each respective sale for properties sold during 2012, 2011 and 2010, and the operations for the applicable periods for those assets classified as held-for-sale as of December 31, 2012 (in thousands):

   
2012
   
2011
   
2010
 
Discontinued operations:
                 
Revenues from rental property
  $ 27,155     $ 65,783     $ 96,794  
Rental property expenses
    (10,069 )     (24,144 )     (33,015 )
Depreciation and amortization
    (13,249 )     (19,427 )     (30,431 )
Interest expense
    (997 )     (1,848 )     (9,429 )
Income from other real estate investments
    13       2,000       20,781  
Other expense, net
    (212 )     (114 )     (760 )
Income from discontinued operating properties, before income taxes
    2,641       22,250       43,940  
Loss on operating properties sold, before income taxes
    -       -       (35 )
Impairment of property carrying value, before income taxes
    (22,458 )     (19,698 )     (6,460 )
Gain on disposition of operating properties, before income taxes
    85,894       17,327       1,981  
(Provision)/ benefit for income taxes
    (2,079 )     3,126       (274 )
Income from discontinued operating properties
    63,998       23,005       39,152  
Net income attributable to noncontrolling interests
    (1,731 )     (1,384 )     (5,288 )
Income from discontinued operations attributable to the Company
  $ 62,267     $ 21,621     $ 33,864  

During 2012, the Company classified as held-for-sale 18 operating properties, comprising 2.1 million square feet of GLA.  The book value of these properties was $73.2 million, net of accumulated depreciation of $57.2 million.  The Company recognized impairment charges of $4.2 million on three of these properties. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized.  The Company’s determination of the fair value of these properties, aggregating $102.0 million, was based upon executed contracts of sale with third parties (see Footnote 16).   In addition, the Company completed the sale of 19 operating properties during the year ended December 31, 2012, of which two were classified as held-for-sale during 2011 (these dispositions are included in Footnote 2 above).  At December 31, 2012, the Company had one operating property classified as held-for-sale at a carrying amount of $3.4 million, net of accumulated depreciation of $6.8 million, which is included in Other assets on the Company’s Consolidated Balance Sheets.

During 2011, the Company classified as held-for-sale seven operating properties and one land parcel, comprising 0.2 million square feet of GLA.  The book value of each of these properties aggregated $10.0 million, net of accumulated depreciation of $7.3 million. The Company recognized impairment charges of $1.1 million on the land parcel. The individual book values of the seven operating properties did not exceed each of their estimated fair values less costs to sell; as such no impairments were recognized. The Company’s determination of the fair value of these properties and land parcel, aggregating  $19.7 million, was based upon executed contracts of sale with third parties.  The Company completed the sale of five of these operating properties during the year ended December 31, 2011.  At December 31, 2011 the Company had two properties classified as held-for-sale at an aggregate carrying amount of $3.8 million, net of accumulated depreciation of $0.5 million, which are included in Other assets on the Company’s Consolidated Balance Sheets.

During 2010, the Company classified as held-for-sale 12 operating properties comprising 0.5 million square feet of GLA.  The book value of each of these properties aggregated $40.5 million, net of accumulated depreciation of $11.9 million. The Company recognized impairment charges of $5.2 million, before income tax benefit, on seven of these properties. The individual book value of the five remaining properties did not exceed each of their estimated fair values less costs to sell. The Company’s determination of the fair value of the 12 properties, aggregating $66.1 million, was based upon executed contracts of sale with third parties.  The Company completed the sale of eleven of these properties during 2010.  During 2011, the Company reclassified one property previously classified as held-for-sale into held-for-use. At December 31, 2010 the Company had one property classified as held-for-sale at a carrying value of $4.4 million, which was included in Other assets on the Company’s Consolidated Balance Sheets.