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Real Estate
 12 Months Ended
Dec. 31, 2011
Real Estate [Abstract]  
Real Estate

Note 3. Real Estate

Real estate at December 31, 2011 and 2010 is comprised of the following:

  Years ended December 31,
  2011 2010
Cost            
Balance, beginning of year $ 1,290,116,000   $ 1,273,395,000  
Property acquired   46,863,000     -  
Improvements and betterments   32,373,000     17,631,000  
Write-off of fully-depreciated assets   (231,000 )   (910,000 )
Balance, end of the year $ 1,369,121,000   $ 1,290,116,000  
 
Accumulated depreciation            
Balance, beginning of the year $ (157,803,000 ) $ (126,456,000 )
Depreciation expense   (40,036,000 )   (32,257,000 )
Write-off of fully-depreciated assets   231,000     910,000  
Balance, end of the year $ (197,608,000 ) $ (157,803,000 )
 
Net book value $ 1,171,513,000   $ 1,132,313,000  

 

     On January 14, 2011, the Company acquired Colonial Commons, a shopping center located in Lower Paxton Township, Pennsylvania. The purchase price for the property was approximately $49.1 million (in addition, the Company incurred transactions costs of $0.6 million). At closing, the Company entered into a first mortgage in the amount of $28.1 million, which bears interest at 5.6% per annum and matures in February 2021.

     At December 31, 2011, substantially all of the Company's real estate was pledged as collateral for mortgage loans payable and the secured revolving credit facilities.