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Discontinued Operations | 12 Months Ended
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Dec. 31, 2012
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations [Text Block] | 4. DISCONTINUED OPERATIONS On November 28, 2012, we completed the sale of Kings Plaza located in Brooklyn, New York, to Ma cerich, for $751,000,000. Net proceeds from the sale, after repaying the existing loan and closing costs, were $479,000,000, of which $30,000,000 was in Macerich common shares. The financial statement gain was $601,976,000, of which $599,628,000 was recognized in the fourth quarter and the remaining $2,348,000 was deferred and will be recognized upon the disposition of the Macerich common shares. Prior to the sale, in November 2012, we acquired the remaining 75% interest in our consolidated subsidiary, the Kings Plaza energy plant joint venture (which was sold with Kings Plaza), for $7,800,000 in cash. Pursuant to A ccounting Standards Codification (“ASC”) Topic 810, Consolidation, we have recorded the difference between the acquisition price and the carrying amount of the noncontrolling interest as a reduction of “additional capital” on our consolidated balance sheet. On November 30, 2012, our Board of Directors declared a special long-term capital gain dividend of $122.00 per share, or $623,178,000 in the aggregate, to distribute the tax gain resulting from the sale of Kings Plaza. In accordance with the provisions of ASC 360, Property, Plant and Equipment, w e have reclassified the revenues and expenses of Kings Plaza to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations”, respectively, for all of the periods presented in the accompanying financial statements. The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2012 and 2011 and their combined results of operations for the years ended December 31, 2012, 2011 and 2010.
|  |  |  | Assets Related to |  | Liabilities Related to
|  |  | Discontinued Operations as of |  | Discontinued Operations as of
|  | December 31, |  | December 31,
(Amounts in thousands) |  |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011
Kings Plaza |  | $ | - |  | $ | 137,418 |  | $ | - |  | $ | 250,000
|  |  |  |  |  | For the Year Ended December 31,
(Amounts in thousands) |  |  |  |  |  | 2012 |  |  | 2011 |  |  | 2010
Total revenues |  |  |  |  | $ | 61,836 |  | $ | 69,006 |  | $ | 67,144
Total expenses(1) |  |  |  |  |  | 36,512 |  |  | 42,791 |  |  | 48,858
|  |  |  |  |  |  | 25,324 |  |  | 26,215 |  |  | 18,286
Net gain on sale |  |  |  |  |  | 599,628 |  |  | - |  |  | -
Income from discontinued operations |  |  |  |  | $ | 624,952 |  | $ | 26,215 |  | $ | 18,286
___________________ |  |  |  |  |  |  |  |  |  |  |  |
(1) | Includes fees to Vornado of $1,608, $1,801 and $1,517 for the years ended December 31, 2012, 2011 and 2010, respectively.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: 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=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: 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 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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