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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2012
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Properties And Discontinued Operations | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions Core Portfolio During March 2012, the Company acquired a four property portfolio located in Chicago, Illinois for $18.8 million, including the assumption of debt of $16.0 million. During February 2012, the Company acquired a 40,000 square foot single tenant property for $12.2 million, which included the assumption of $7.0 million of in-place mortgage debt. In addition, the Company acquired a 13,300 square foot single tenant property for $6.7 million. Both properties are located in Cambridge, Massachusetts. During January 2012, the Company acquired 1520 North Milwaukee Avenue, a 3,100 square foot property located in Chicago, Illinois for $3.8 million. The Company expensed $0.4 million of costs related to these 2012 Core Portfolio acquisitions. Fund III During February 2012, Fund III, in a joint venture with an unaffiliated partner, acquired a 50% interest in 640 Broadway, a 45,700 square foot property located in New York, New York for $16.3 million. The Company expensed $0.6 million of costs related to this 2012 Fund III acquisition. 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 Statements of Income for all periods presented. During December 2011, the Company completed the sale of 15 Fund I leasehold interests in its Kroger/Safeway portfolio for $17.5 million. During October 2011, Fund I sold Granville Centre, a 135,000 square foot shopping center, located in Columbus, Ohio, for $2.3 million.
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Discontinued Operations (continued) 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. During January 2011, the Company completed the sale of a Fund II leasehold interest in a location at the Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The sale resulted in a gain of $3.9 million. The combined results of operations of the properties classified as discontinued operations for the three months ended March 31, 2011 are summarized as follows:
|  | Three Months Ended
STATEMENT OF OPERATIONS |  | March 31,
(dollars in thousands) |  | 2011
Total revenues |  | $ | 2,404 |
Total expenses |  | 1,582 |
Operating income |  | 822 |
Gain on sale of property |  | 3,922 |
Income from discontinued operations |  | 4,744 |
(Income) from discontinued operations attributable to noncontrolling interests |  | (3,506 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 1,238 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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