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Discontinued Operations And Land Dispositions | 6 Months Ended
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Jun. 30, 2012
Discontinued Operations And Land Dispositions [Abstract] |
Discontinued Operations And Land Dispositions | 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. 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. The Company conducts a continuing review of 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 for the six months ended June 30, 2012. As of June 30, 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 (mortgage loans payable and accrued interest aggregated $22.9 million at that date). 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 June 30, |  | Six months ended June 30,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Revenues: |  |  |  |  |  |  |  |
Rents |  | $ 4,428,000 |  | $ 6,551,000 |  | $ 9,504,000 |  | $ 14,326,000
Expense recoveries |  | 1,098,000 |  | 1,422,000 |  | 2,498,000 |  | 3,487,000
Other |  | 19,000 |  | 29,000 |  | 58,000 |  | 363,000
Total revenues |  | 5,545,000 |  | 8,002,000 |  | 12,060,000 |  | 18,176,000
Expenses: |  |  |  |  |  |  |  |
Operating, maintenance and management |  | 1,891,000 |  | 1,958,000 |  | 3,784,000 |  | 5,151,000
Real estate and other property-related taxes |  | 819,000 |  | 1,352,000 |  | 2,005,000 |  | 2,758,000
Depreciation and amortization |  | - |  | 1,768,000 |  | 21,000 |  | 3,604,000
Interest expense |  | 1,891,000 |  | 2,146,000 |  | 3,847,000 |  | 4,416,000
|  | 4,601,000 |  | 7,224,000 |  | 9,657,000 |  | 15,929,000
Income from discontinued operations before |  |  |  |  |  |  |  |
impairments |  | 944,000 |  | 778,000 |  | 2,403,000 |  | 2,247,000
Impairment (charges)/reversals |  | - |  | (12,258,000) |  | 1,138,000 |  | (22,544,000)
Income (loss) from discontinued operations |  | $ 944,000 |  | $ (11,480,000) |  | $ 3,541,000 |  | $ (20,297,000)
Gain on sales of discontinued operations |  | $ 293,000 |  | $ 474,000 |  | $ 750,000 |  | $ 474,000
During the six months ended June 30, 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 |  | -
Kingston Plaza |  | 100% |  | Kingston, NY |  | 4/12/2012 |  | 1,182,000 |  | 293,000
Stadium Plaza |  | 100% |  | East Lansing, MI |  | 5/3/2012 |  | 5,400,000 |  | -
Blue Mountain Commons (land parcel) |  | 100% |  | Harrisburg. PA |  | 6/19/2012 |  | 102,000 |  | 79,000
Oregon Pike (land parcel) |  | 100% |  | Lancaster, PA |  | 6/28/2012 |  | 1,100,000 |  | -
|  |  |  |  |  |  |  | $ 21,373,000 |  | $ 829,000

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