Annual report pursuant to Section 13 and 15(d)

Disposition of Properties and Properties Held for Sale (Notes)

v2.4.0.6
Disposition of Properties and Properties Held for Sale (Notes)
 12 Months Ended
Dec. 31, 2011
6. Disposition of Properties and Properties Held for Sale [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Disposition of Properties and Properties Held for Sale

In May 2010, the Company's Board of Directors approved a plan for our management to sell our Commerce I, GA center. The majority of the center was sold in July 2010 for net proceeds of approximately $1.4 million. The remaining portion of the center, classified as held for sale in the consolidated balance sheet as of December 31, 2010, was sold at the end of January 2011 for net proceeds of approximately $724,000. During the third quarter of 2010, we recorded an impairment charge of approximately $111,000 to lower the basis of the center to its approximate fair value which was based on the actual sales contracts related to the center. In the second quarter of 2009, we recorded an impairment charge for this property of $5.2 million which equaled the excess of the property's carrying value over its estimated fair value at that time.

Below is a summary of the results of operations of the disposed property as presented in discontinued operations for the respective periods (in thousands):
Summary statements of operations - disposed properties
 
2011
 
2010
 
2009
Total revenues
 
$
—

 
$
388

 
$
1,090

Total expenses
 
—

 
486

 
6,304

Discontinued operations
 
$
—

 
$
(98
)
 
$
(5,214
)


Land Outparcel Sales

Gains on sale of outparcels are included in other income in the consolidated statements of operations. Cost is allocated to the outparcels based on the relative sales value method. Below is a summary of outparcel sales that we completed during the years ended December 31, 2011, 2010 and 2009, respectively (in thousands, except number of outparcels):
 
 
2011
 
2010
 
2009
Number of outparcels
 
—

 
3

 
1

Net proceeds
 
$
—

 
$
602

 
$
1,577

Gain on sales of outparcels included in other income
 
$
—

 
$
161

 
$
3,293