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ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2011
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Properties And Discontinued Operations [Text Block] | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions During September 2011, the Company acquired a 50% equity interest in an entity which owns a six property portfolio (the “Georgetown Portfolio”) located in Washington, D.C. for a purchase price of $13.4 million, which included the assumption of 50% of in-place debt of $9.2 million, inclusive of the Company's existing mezzanine loan to the entity (Note 6). During August 2011, the Company acquired a six property portfolio located in Chicago, Illinois for $18.0 million. During August 2011, the Company acquired a newly constructed 13,000 square foot property located in the Bronx, New York for $9.1 million. During June 2011, the Company acquired a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million. During May 2011, the Company acquired a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million. During April 2011, the Company, through Fund III, acquired a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois, for $31.6 million During February 2011, Fund III, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties. During February 2011, Fund III, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property. Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Financial Statements for all periods presented. During October 2011, Fund I sold Granville Centre, a 135,000 square foot shopping center, located in Columbus, Ohio, for $2.3 million. During the quarter ended June 30, 2011, the Company determined that the value of the Granville Centre was impaired and recorded an impairment loss of $6.9 million. During May 2011, the Company sold the Ledgewood Mall, a 517,000 square foot, unencumbered enclosed mall located in Ledgewood, New Jersey, for $37.0 million. The sale resulted in a gain of $28.6 million. During January 2011, the Company completed the sale of a Fund II leasehold interest in the Neiman Marcus location at Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The sale resulted in a gain of $3.9 million. The combined assets and liabilities as of December 31, 2010 and results of operations of the properties classified as discontinued operations for the three and nine months ended September 30, 2011 and 2010, respectively are summarized as follows:
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
BALANCE SHEET |  | September 30, |  | December 31,
(dollars in thousands) |  | 2011 |  | 2010
ASSETS |  |  |  |
Net real estate |  | $ | 2,215 |  |  | $ | 18,557 |
Rents receivable, net |  | 363 |  |  | 753 |
Deferred charges, net of amortization |  | 82 |  |  | 2,016 |
Prepaid expenses and other assets, net |  | 24 |  |  | 148 |
Total assets of discontinued operations |  | $ | 2,684 |  |  | $ | 21,474 |
LIABILITIES |  |  |  |
Accounts payable and accrued expenses |  | $ | 275 |  |  | $ | 233 |
Other liabilities |  | 14 |  |  | 162 |
Total liabilities of discontinued operations |  | $ | 289 |  |  | $ | 395 |
| Three Months Ended |  | Nine Months Ended
STATEMENTS OF OPERATIONS | September 30, |  | September 30, |  | September 30, |  | September 30,
(dollars in thousands) | 2011 |  | 2010 |  | 2011 |  | 2010
Total revenues | $ | 242 |  |  | $ | 1,673 |  |  | $ | 2,470 |  |  | $ | 5,061 |
Total expenses | 140 |  |  | 1,195 |  |  | 1,768 |  |  | 3,853 |
Operating income | 102 |  |  | 478 |  |  | 702 |  |  | 1,208 |
Impairment of asset | — |  |  | — |  |  | (6,925 | ) |  | — |
Gain on sale of property | — |  |  | — |  |  | 32,498 |  |  | — |
Income from discontinued operations | 102 |  |  | 478 |  |  | 26,275 |  |  | 1,208 |
(Income) loss from discontinued operations attributable to noncontrolling interests | (64 | ) |  | (72 | ) |  | 731 |  |  | (195 | )
Income from discontinued operations attributable to Common Shareholders | $ | 38 |  |  | $ | 406 |  |  | $ | 27,006 |  |  | $ | 1,013 |

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