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Derivative Financial Instruments
 12 Months Ended
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.