Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2014

Schedule Of Properties Sold, Classified As Discontinued Operations


		Date	Sales		Gain on
Property	Location	Sold	Price		Sale
Harbor Square (f/k/a Shore Mall)	Egg Harbor, NJ	2/25/2014	$ 25,000,000		$ -
McCormick Place	Olmstead, OH	5/6/2014	2,679,000	(a)	-
Gahanna Discount Drug Mart Plaza	Columbus, OH	5/27/2014	4,982,000	(a)	-
Townfair Center	Indiana, PA	5/29/2014	22,600,000		1,472,000
Lake Raystown Plaza	Huntingdon, PA	6/25/2014	19,500,000		6,491,000
			$ 74,761,000		$ 7,963,000

(a) Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer.

Schedule Of The Components Of Income From Discontinued Operations


	Three months ended September 30,		Nine months ended September 30,
	2014	2013	2014	2013
REVENUES
Rents	$ 283,000	$ 2,479,000	$ 3,104,000	$ 8,063,000
Expense recoveries and other	80,000	753,000	1,220,000	2,263,000
Total revenues	363,000	3,232,000	4,324,000	10,326,000
EXPENSES
Operating, maintenance and management	90,000	654,000	1,024,000	3,203,000
Real estate and other property-related taxes	61,000	714,000	663,000	2,024,000
Depreciation and amortization	-	312,000	-	944,000
Interest	-	606,000	644,000	1,948,000
Early extinguishment of debt costs, net	-	-	(13,000)	437,000
Total expenses	151,000	2,286,000	2,318,000	8,556,000

INCOME FROM OPERATIONS	212,000	946,000	2,006,000	1,770,000

IMPAIRMENT CHARGES, NET	(441,000)	-	(322,000)	-

GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS	-	-	1,423,000	1,298,000

GAIN ON SALES	-	-	7,963,000	-

TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (229,000)	$ 946,000	$ 11,070,000	$ 3,068,000

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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