| Discontinued Operations and Assets Held for Sale |
Discontinued Operations and Assets Held for Sale
Income from discontinued operations primarily includes revenues and expenses associated with the following:
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1344 and 1348 Ashton Road and 1350 Dorsey Road in the Baltimore/Washington Corridor that were sold on May 24, 2011; |
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216 Schilling Circle in Greater Baltimore that was sold on August 23, 2011; |
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four properties comprising the Towson Portfolio in Greater Baltimore that were sold on September 29, 2011;
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11011 McCormick Road in Greater Baltimore that was sold on November 1, 2011; |
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10001 Franklin Square Drive in Greater Baltimore that was sold on December 13, 2011; |
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13 properties comprising the Rutherford Business Center portfolio in Greater Baltimore that were sold on December 15, 2011;
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five properties in White Marsh, Maryland (in the Greater Baltimore region) that were sold on January 30, 2012;
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1101 Sentry Gateway in San Antonio that was sold on January 31, 2012; |
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222 and 224 Schilling Circle in Greater Baltimore that were sold on February 10, 2012; |
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15 and 45 West Gude Drive in Suburban Maryland that were sold on May 2, 2012; |
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11800 Tech Road in Suburban Maryland that was sold on June 14, 2012; |
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400 Professional Drive in Suburban Maryland for which the title to the property was transferred to the mortgage lender on July 2, 2012 (see Note 4); |
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23 operating properties in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012; and
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16 operating properties in Colorado Springs and an operating property in Suburban Maryland classified as held for sale at September 30, 2012.
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The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Revenue from real estate operations |
$ |
6,403 |
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|
$ |
17,151 |
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|
$ |
33,849 |
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|
$ |
51,363 |
|
Property operating expenses |
(2,217 |
) |
|
(6,325 |
) |
|
(12,223 |
) |
|
(19,684 |
) |
Depreciation and amortization |
(1,926 |
) |
|
(4,763 |
) |
|
(8,457 |
) |
|
(16,896 |
) |
Impairment losses |
(9,733 |
) |
|
— |
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|
(23,510 |
) |
|
(29,364 |
) |
Business development and land carry costs |
— |
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|
(17 |
) |
|
(24 |
) |
|
(56 |
) |
Interest expense |
(127 |
) |
|
(1,453 |
) |
|
(2,107 |
) |
|
(4,526 |
) |
Gain on sales of real estate |
16,913 |
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|
1,299 |
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|
20,948 |
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|
1,438 |
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Gain (loss) on early extinguishment of debt |
1,738 |
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|
(384 |
) |
|
1,736 |
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|
(384 |
) |
Discontinued operations |
$ |
11,051 |
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|
$ |
5,508 |
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$ |
10,212 |
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|
$ |
(18,109 |
) |
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
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September 30, 2012 |
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December 31, 2011 |
Properties, net |
$ |
126,789 |
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$ |
108,356 |
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Deferred rent receivable |
3,733 |
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|
2,800 |
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Intangible assets on real estate acquisitions, net |
4,417 |
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|
1,737 |
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Deferred leasing and financing costs, net |
2,781 |
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|
3,723 |
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Lease incentives |
95 |
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— |
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Assets held for sale |
$ |
137,815 |
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$ |
116,616 |
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