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Real Estate
 12 Months Ended
Dec. 31, 2012
Real Estate [Abstract]  
Real Estate

Note 3. Real Estate

 

Real estate at December 31, 2012 and 2011 is comprised of the following:

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2012

 

2011

Cost

 

 

 

 

Balance, beginning of year (a)

 

$        1,363,936,000 

 

$         1,283,287,000 

Property acquired

 
76,185,000 

 
46,863,000 

Improvements and betterments

 
20,472,000 

 
33,954,000 

Write-off of fully-depreciated assets

 
(99,000)

 
(168,000)

Balance, end of the year

 

$        1,460,494,000 

 

$         1,363,936,000 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

Balance, beginning of the year (a)

 

$          (196,661,000)

 

$          (156,917,000)

Depreciation expense

 
(41,189,000)

 
(39,912,000)

Write-off of fully-depreciated assets

 
99,000 

 
168,000 

Balance, end of the year

 

$          (237,751,000)

 

$          (196,661,000)

 

 

 

 

 

Net book value

 

$        1,222,743,000 

 

$         1,167,275,000 

 

 

 

 

 

(a) Restated to reflect the reclassifications of properties subsequently treated as "held for sale/conveyance".

 

As more fully discussed in Note 5 – “Investment in Cedar/RioCan Joint Venture”, on October 10, 2012, the Company acquired a 100% interest in Franklin Village Plaza, located in Franklin, Massachusetts. As more fully discussed in Note 4 – “Properties Held For Sale and Related Transactions”, on October 12, 2012, the Company acquired the non-controlling 80% ownership interests  in Meadows Marketplace, located in Hershey, Pennsylvania, and Fieldstone Marketplace, located in New Bedford, Massachusetts.

 

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, 2012, substantially all of the Company’s real estate was pledged as collateral for either mortgage loans payable or the Company’s Credit Facility.