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Investment In Cedar/RioCan Joint Venture | 12 Months Ended
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Dec. 31, 2011
Investment In Cedar/RioCan Joint Venture [Abstract] |
Investment In Cedar/RioCan Joint Venture | Note 4. Investment in Cedar/RioCan Joint Venture The Company and RioCan have entered into an 80% (RioCan) and 20% (Cedar) joint venture (i) initially for the purchase of seven supermarket-anchored properties previously owned by the Company (completed in May 2010), and (ii) then to acquire additional primarily supermarket-anchored properties in the Company's primary market areas, in the same joint venture format. At December 31, 2011, the joint venture owned 22 properties. The Company earned fees from the joint venture of approximately $2.8 million and $3.6 million for 2011 and 2010, respectively, representing accounting fees, management fees, acquisition fees and financing fees. Such fees are included in other revenues in the accompanying statements of operations. In connection with the formation of the joint venture and the agreement to transfer the seven properties which were reclassified as "held for sale", the Company recorded impairment charges of $2.5 million and $23.6 million in 2010 and 2009, respectively. Such charges were based on a comparison of the arms-length negotiated transfer amounts set forth in the contract with the carrying values of the properties transferred. In 2010, the Company incurred fees to its investment advisor as it relates to the Cedar/RioCan joint venture of $2.7 million. The joint venture agreement provides that, any time after December 10, 2012, either the Company or RioCan may initiate a "buy/sell" arrangement pursuant to which the initiating party can designate a value for all the joint venture's properties (in the aggregate), and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value or to purchase the initiating party's ownership interest based on such valuation. The following summarizes certain financial information related to the Company's investment in the Cedar/RioCan unconsolidated joint venture:
Balance Sheets | December 31,
| 2011 | 2010
Assets: |  |  |  |  |
Real estate, net | $ | 532,071,000 |  | $ | 524,447,000
Cash and cash equivalents |  | 12,797,000 |  |  | 5,934,000
Restricted cash |  | 3,689,000 |  |  | 4,464,000
Rent and other receivables |  | 2,419,000 |  |  | 2,074,000
Straight-line rent |  | 2,743,000 |  |  | 1,000,000
Deferred charges, net |  | 12,682,000 |  |  | 13,269,000
Other assets |  | 5,549,000 |  |  | 8,514,000
Total assets | $ | 571,950,000 |  | $ | 559,702,000
Liabilities and partners' capital: |  |  |  |  |
Mortgage loans payable | $ | 317,293,000 |  | $ | 293,400,000
Due to the Company |  | 1,203,000 |  |  | 6,036,000
Unamortized lease liability |  | 22,182,000 |  |  | 24,573,000
Other liabilities |  | 8,248,000 |  |  | 7,738,000
Total liabilities |  | 348,926,000 |  |  | 331,747,000
Preferred stock |  | 97,000 |  |  | 97,000
Accumulated other comprehensive (loss) |  | (590,000 | ) |  | -
Partners' capital: |  |  |  |  |
RioCan |  | 178,774,000 |  |  | 181,239,000
The Company |  | 44,743,000 |  |  | 46,619,000
Total partners' capital |  | 223,517,000 |  |  | 227,858,000
Total liabilities and partners' capital | $ | 571,950,000 |  | $ | 559,702,000
The following table summarizes details of the acquisitions of the joint venture during 2011 and 2010:
|  |  |  |  |  | Mortgage |  |
|  | Acquisition |  | Purchase |  | Loans | Int. |
Property Description | State | date |  | price |  | Payable (a) | rate |
2011 Acquisition |  |  |  |  |  |  |  |
Northwoods Crossing | MA | 4/15/2011 | $ | 23,450,000 | $ | 14,429,000 | 5.2 | %
2010 Acquisitions |  |  |  |  |  |  |  |
Creekview Plaza | PA | 9/29/2010 |  | 26,240,000 |  | 14,432,000 | 4.8 | %
Cross Keys Place | NJ | 10/13/2010 |  | 26,336,000 |  | 14,600,000 | 5.1 | %
Exeter Commons | PA | 8/3/2010 |  | 53,000,000 |  | 30,000,000 | 5.3 | %
Gettysburg Marketplace | PA | 10/21/2010 |  | 19,850,000 |  | 10,918,000 | 5.0 | %
Marlboro Crossroads | MD | 10/21/2010 |  | 12,500,000 |  | 6,875,000 | 5.1 | %
Monroe Marketplace | PA | 9/29/2010 |  | 41,990,000 |  | 23,095,000 | 4.8 | %
Montville Commons | CT | 9/29/2010 |  | 18,900,000 |  | 10,500,000 | 5.8 | %
New River Valley | VA | 9/29/2010 |  | 27,970,000 |  | 15,163,000 | 4.8 | %
Northland Center | PA | 10/21/2010 |  | 10,248,000 |  | 6,298,000 | 5.0 | %
Pitney Road Plaza | PA | 9/29/2010 |  | 11,060,000 |  | 6,083,000 | 4.8 | %
Sunrise Plaza | NJ | 9/29/2010 |  | 26,460,000 |  | 13,728,000 | 4.8 | %
Town Square Plaza | PA | 1/26/2010 |  | 18,854,000 |  | 11,000,000 | 5.0 | %
Towne Crossings | VA | 10/21/2010 |  | 19,000,000 |  | 10,450,000 | 5.0 | %
York Marketplace | PA | 10/21/2010 |  | 29,200,000 |  | 16,060,000 | 5.0 | %
(a) Mortgage loans payable represents the loan amount on the dates of borrowing and/or assumption. The joint venture's property-specific mortgage loans payable are collateralized by all of the joint venture's real estate, and bear interest at rates ranging from 4.1% to 6.4% per annum, a weighted average of 5.0% per annum. In June 2011, the joint venture refinanced a $12.3 million, 7.2% fixed-rate mortgage originally due in June 2011. The new $14.8 million fixed-rate mortgage bears interest at 5.0% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in July 2021. In August 2011, the joint venture refinanced a $43.3 million, 4.8% fixed-rate mortgage originally due in November 2011. The new $44.0 million fixed-rate mortgage bears interest at 4.1% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in August 2016. Scheduled principal payments on mortgage loans payable at December 31, 2011 are as follows:
2012 | 4,856,000
2013 | 5,105,000
2014 | 34,903,000
2015 | 101,736,000
2016 | 55,192,000
Thereafter | 115,501,000
| 317,293,000
Statements of Operations | Years ended December 31,
| 2011 | 2010 | 2009
Revenues | $ | 62,500,000 |  | $ | 30,194,000 |  | $ | 282,000 |
Property operating and other expenses |  | (6,631,000 | ) |  | (2,636,000 | ) |  | (57,000 | )
Management fees to the Company |  | (2,006,000 | ) |  | (973,000 | ) |  | (8,000 | )
Realestate taxes |  | (7,214,000 | ) |  | (3,286,000 | ) |  | (10,000 | )
Acquisition transaction costs (a) |  | (917,000 | ) |  | (7,119,000 | ) |  | - |
General and administrative |  | (308,000 | ) |  | (622,000 | ) |  | - |
Depreciation and amortization |  | (20,616,000 | ) |  | (9,523,000 | ) |  | (71,000 | )
Interest and other non-operating expenses, net |  | (18,078,000 | ) |  | (7,903,000 | ) |  | - |
Net income (loss) | $ | 6,730,000 |  | $ | (1,868,000 | ) | $ | 136,000 |
RioCan |  | 5,384,000 |  |  | (1,493,000 | ) |  | 109,000 |
The Company |  | 1,346,000 |  |  | (375,000 | ) |  | 27,000 |
| $ | 6,730,000 |  | $ | (1,868,000 | ) | $ | 136,000 |
(a) Includes $0.6 and $2.8 million, respectively, paid to former owners of certain acquired properties representing the values assigned for the post-closing leasing of vacant spaces in excess of the fair value amounts estimated at closing.

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