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Discontinued Operations and Disposition of Real Estate and Real Estate Investments | 12 Months Ended
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Dec. 31, 2012
Discontinued Operations and Disposition of Real Estate and Real Estate Investments | 12. Discontinued Operations and Disposition of Real Estate and Real Estate Investments Discontinued Operations During the year ended December 31, 2012, the Company sold 29 properties (including the one asset considered held for sale at December 31, 2011) that were classified as discontinued operations for the years ended December 31, 2012, 2011 and 2010. Included in discontinued operations for the three years ended December 31, 2012, are 120 properties (including the deconsolidated properties noted below). Of these properties, 88 were previously included in the shopping center segment, and six were previously included in the other investments segment (none remaining at December 31, 2012). In addition, included in discontinued operations are 26 other properties that were deconsolidated for accounting purposes in 2011 and 2010, which primarily represented the activity associated with the joint venture that owned the underlying real estate formally occupied by Mervyns. The operations of these properties were classified as discontinued operations for all periods presented, as the Company has no significant continuing involvement. The operating results related to assets sold, designated as held for sale or deconsolidated as of December 31, 2012, is as follows (in thousands):
|  | For the Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Revenues |  | $ | 9,265 |  |  | $ | 48,987 |  |  | $ | 73,152 |
Operating expenses |  |  | 4,186 |  |  |  | 19,735 |  |  |  | 32,488 |
Impairment charges |  |  | 21,076 |  |  |  | 57,932 |  |  |  | 87,045 |
Interest, net |  |  | 1,961 |  |  |  | 13,194 |  |  |  | 26,669 |
Debt extinguishment costs, net |  |  | — |  |  |  | 7,191 |  |  |  | 409 |
Depreciation and amortization |  |  | 2,305 |  |  |  | 14,404 |  |  |  | 24,323 |
|  |  | 29,528 |  |  |  | 112,456 |  |  |  | 170,934 |
Loss from discontinued operations |  |  | (20,263 | ) |  |  | (63,469 | ) |  |  | (97,782 | )
Gain on deconsolidation of interests |  |  | — |  |  |  | 4,716 |  |  |  | 5,221 |
Gain on disposition of real estate, net of tax |  |  | 3,847 |  |  |  | 40,163 |  |  |  | 5,775 |
Loss from discontinued operations |  | $ | (16,416 | ) |  | $ | (18,590 | ) |  | $ | (86,786 | )
Disposition of Real Estate and Real Estate Investments The Company recorded net gains on disposition of real estate and real estate investments as follows (in millions):
|  | For the Year Ended December 31 |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Land sales(A) |  | $ | 5.6 |  |  | $ | (0.4 | ) |  | $ | 1.0 |
Previously deferred gains and other gains and losses on dispositions(B) |  |  | 0.3 |  |  |  | 7.5 |  |  |  | 0.3 |
|  | $ | 5.9 |  |  | $ | 7.1 |  |  | $ | 1.3 |
(A) | These dispositions did not meet the criteria for discontinued operations, as the land did not have any significant operations prior to disposition.
(B) | These gains are a result of partial asset sales that did not meet the criteria for discontinued operations and assets that were contributed to joint ventures in prior years.

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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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