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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2012
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes both the Company's preliminary and finalized allocations of the purchase prices of assets acquired and liabilities assumed during 2012:
(dollars in thousands) | Finalized Purchase Price Allocation | Preliminary Purchase Price Allocation
Land | $ | 8,097 |  | $ | 33,953 |
Buildings and improvements | 13,142 |  | 106,199 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 1,517 |  | — |
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (4,387 | ) | — |
Above-below market debt assumed (included in Mortgage notes payable) | 502 |  | — |
Total consideration | $ | 18,871 |  | $ | 140,152 |
The following table summarizes the preliminary allocation of the purchase price of this property as recorded as of December 31, 2011, and the finalized allocation of the purchase price as adjusted as of June 30, 2012:
(dollars in thousands) | Finalized Purchase Price Allocation | Preliminary Purchase Price Allocation
Land | $ | 3,110 |  | $ | 2,250 |
Buildings and improvements | 7,354 |  | 9,000 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 786 |  | — |
Total consideration | $ | 11,250 |  | $ | 11,250 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
|  | Three Months Ended |  | Six Months Ended
STATEMENTS OF OPERATIONS |  | June 30, |  | June 30, |  | June 30, |  | June 30,
(dollars in thousands) |  | 2012 |  | 2011 |  | 2012 |  | 2011
Total revenues |  | $ | 239 |  |  | $ | 1,744 |  |  | $ | 691 |  |  | $ | 4,330 |
Total expenses |  | 172 |  |  | 1,012 |  |  | 398 |  |  | 2,702 |
Operating income |  | 67 |  |  | 732 |  |  | 293 |  |  | 1,628 |
Impairment of asset |  | — |  |  | (6,925 | ) |  | — |  |  | (6,925 | )
Gain on sale of property |  | 2,668 |  |  | 28,576 |  |  | 2,668 |  |  | 32,498 |
Income from discontinued operations |  | 2,735 |  |  | 22,383 |  |  | 2,961 |  |  | 27,201 |
(Income) loss from discontinued operations attributable to noncontrolling interests |  | (2,413 | ) |  | 3,631 |  |  | (2,589 | ) |  | 78 |
Income from discontinued operations attributable to Common Shareholders |  | $ | 322 |  |  | $ | 26,014 |  |  | $ | 372 |  |  | $ | 27,279 |
The combined assets and liabilities as of December 31, 2011, and the results of operations of the properties classified as discontinued operations for the three and six months ended June 30, 2012 and June 30, 2011, respectively are summarized as follows:
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Discontinued Operations (continued)
BALANCE SHEET |  |  |
ASSETS |  | December 31, 2011
(dollars in thousands) |  |  |
Net real estate |  | $ | 8,859 |
Rents receivable, net |  | 245 |
Deferred charges, net |  | 249 |
Prepaid expenses and other assets |  | 46 |
Total assets of discontinued operations |  | $ | 9,399 |
LIABILITIES |  |  |
Mortgage notes payable |  | $ | 8,260 |
Accounts payable and accrued expenses |  | 188 |
Other liabilities |  | 556 |
Total liabilities of discontinued operations |  | $ | 9,004 |

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43, 44, 45, 47, 48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 + Details
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- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 805 -SubTopic 30 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479 + Details
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