Also impacting FFO and net income were a series of one-time impairment charges. A non-cash impairment of $46 million was charged to land held for future development, while a non-cash write-off of predevelopment costs totaled $16.8 million for the entire year.

Occupancy was down across the company's portfolio, ending the year at 92.6% compared to 94.4% from the previous year. Still, the company's liquidity stayed strong, with help from revolving credit and a joint venture with a subsidiary of Hines REIT Properties LP.

Through the partnership, the Houston-based Hines is paying $271 million to acquire a 70% interest in a portfolio of 12 shopping centers. Ten of the assets have already closed, with the other two anticipated to close in 30 days, upon the loan assumption. The two partners also completed $100 million secured financing on the assets.