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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2011
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | Note 11. Derivative Financial Instruments At December 31, 2011, the Company had approximately $32.1 million of mortgage loans payable subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% and 6.5% per annum. At that date, the Company had accrued liabilities of $2.1 million (included in accounts payable and accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling interests (minority interests in consolidated joint ventures and limited partners' interest), or operations (included in interest expense), as appropriate. The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture at December 31, 2011 and 2010:
|  |  | Notional values |  | Balance | Fairvalue
Designation/ |  |  |  | December31, |  |  | December31, 2010 | Maturity | sheet |  | December31, December31,
Cashflow | Derivative | Count |  | 2011 | Count |  | dates | location |  | 2011 |  | 2010
| Interest |  |  |  |  |  |  |  | Accrued |  |  |  |
| rate swaps |  |  |  |  |  |  |  | liabilities |  |  |  |
Qualifying | Consolidated | 3 | $ | 32,091,000 | 2 | $ | 20,218,000 | 2013-2018 | Consolidated | $ | 2,053,000 | $ | 1,642,000
| Cedar/RioCan |  |  |  |  |  |  |  | Cedar/RioCan |  |  |  |
Qualifying | Joint Venture | 1 | $ | 14,182,000 | - | $ | - | 2016 | Joint Venture | $ | 2,419,000 | $ | -
The following presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for 2011, 2010 and 2009, respectively:
|  | Amount of gain (loss) recognized in other comprehensive (loss) income (effective portion)
Designation/ |  | Year ended December 31,
Cash flow | Derivative |  | 2011 |  |  | 2010 |  |  | 2009
| Interest rate swaps |  |  |  |  |  |  |  |
Non-qualifying | Consolidated | $ | - |  | $ | - |  |  | 106,000
Qualifying | Consolidated | $ | (398,000 | ) | $ | (670,000 | ) | $ | 4,237,000
| Cedar/RioCan |  |  |  |  |  |  |  |
Qualifying | Joint Venture | $ | (118,000 | ) | $ | - |  | $ | -
The above table does not include amortization and adjustments related to the terminated Crossroads II swap which were recorded as a reduction of other comprehensive income and as a reduction of interest expense in the amount of $409,000 and $252,000 in 2011 and 2010, respectively.
|  | Amount of gain recognized in interest expense (ineffective portion)
|  | Year ended December 31,
|  | 2011 | 2010 | 2009
Non-qualifying | Interest rate swaps | $ | - | $ | - | $ | 107,000
Qualifying | Interest rate swaps | $ | - | $ | - | $ | 67,000
As of December 31, 2011, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of December 31, 2011, if a counterparty were to default, the Company would receive a net interest benefit. On January 20, 2010, the Company paid approximately $5.5 million to terminate interest rate swaps applicable to the financing for its development joint venture project in Stroudsburg, Pennsylvania.

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -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. 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