Note 4 - Discontinued operations and land dispositions

During the three months ended March 31, 2012, the Company determined to sell Kingston Plaza, located in Kingston, New York. Kingston Plaza was sold on April 12, 2012 for a sales price of approximately $1.2 million. As the property met the “held for sale” criteria as of March 31, 2012, it has been treated as a “discontinued operation” for all periods presented. Additionally, on May 3, 2012, the Company sold Stadium Plaza for a sales price of approximately $5.4 million. In addition, the Company reviewed the values for all remaining properties “held for sale/conveyance” and, based on final sales prices and sales contracts entered into, the Company has recorded an approximate $1.1 million reversal of impairment charges.

As of March 31, 2012, the Company is in the process of conveying four of its properties (Roosevelt II, Gahanna Discount Drug Mart Plaza, Westlake Discount Drug Mart Plaza and McCormick Place) to their respective lenders. In connection with these conveyances, each applicable subsidiary borrower has stopped paying monthly mortgage payments and is currently in default on these non-recourse mortgages.

The following is a summary of the components of income (loss) from discontinued operations:


	Three months ended March 31,
	2012	2011
Revenues:
Rents	$ 5,074,000	$ 7,774,000
Expense recoveries	1,399,000	2,066,000
Other	40,000	329,000
Total revenues	6,513,000	10,169,000
Expenses:
Operating, maintenance and management	1,885,000	3,182,000
Real estate and other property-related taxes	1,182,000	1,418,000
Depreciation and amortization	21,000	1,765,000
Interest expense	1,966,000	2,333,000
	5,054,000	8,698,000
Income from discontinued operations before
impairments	1,459,000	1,471,000
Impairment reversals/(charges)	1,138,000	(10,286,000)
Income (loss) from discontinued operations	$ 2,597,000	$ (8,815,000)

Gain on sales of discontinued operations	$ 457,000	$ -

During the three months ended March 31, 2012, the Company completed the following transactions related to properties “held for sale/conveyance”:

	Percent		Date	Sales	Gain on
Property	Owned	Location	Sold	Price	Sale

Hilliard Discount Drug Mart Plaza	100%	Hilliard, OH	2/7/2012	$ 1,434,000	$ -
First Merit Bank at Akron	100%	Akron, OH	2/23/2012	633,000	-
Grove City Discount Drug Mart Plaza	100%	Grove City, OH	3/12/2012	1,925,000	-
CVS at Naugatuck	50%	Naugatuck, CT	3/20/2012	3,350,000	457,000
CVS at Bradford	100%	Bradford, PA	3/30/2012	967,000	-
CVS at Celina	100%	Celina, OH	3/30/2012	1,449,000	-
CVS at Erie	100%	Erie, PA	3/30/2012	1,278,000	-
CVS at Portage Trail	100%	Akron, OH	3/30/2012	1,061,000	-
Rite Aid at Massillon	100%	Massillon, OH	3/30/2012	1,492,000	-
				$ 13,589,000	$457,000