Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations and Assets Held for Sale

v2.4.0.8
Discontinued Operations and Assets Held for Sale
6 Months Ended
Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
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:

five properties in White Marsh, Maryland (in the Greater Baltimore region) that were sold on January 30, 2012;
1101 Sentry Gateway in San Antonio that was sold on January 31, 2012;
222 and 224 Schilling Circle in Greater Baltimore that were sold on February 10, 2012;
15 and 45 West Gude Drive in Suburban Maryland that were sold on May 2, 2012;
11800 Tech Road in Suburban Maryland that was sold on June 14, 2012;
400 Professional Drive in Suburban Maryland for which the title to the property was transferred to the mortgage lender on July 2, 2012;
23 operating properties in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012;
920 Elkridge Landing Road in the Baltimore/Washington Corridor that was sold on June 25, 2013; and
16 operating properties in Colorado Springs and an operating property in Suburban Maryland classified as held for sale at June 30, 2013.

The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Revenue from real estate operations
$
5,546

 
$
13,299

 
$
11,265

 
$
28,403

Property operating expenses
(1,246
)
 
(4,607
)
 
(2,793
)
 
(9,966
)
Depreciation and amortization
(69
)
 
(3,371
)
 
(158
)
 
(6,724
)
Impairment losses
(7,195
)
 
(2,354
)
 
(9,052
)
 
(13,777
)
General, administrative and leasing expenses

 
(2
)
 
(1
)
 
(2
)
Business development and land carry costs

 
(6
)
 

 
(24
)
Interest expense
(67
)
 
(736
)
 
(131
)
 
(1,980
)
Gain on sales of real estate

 
(103
)
 

 
4,035

Loss on early extinguishment of debt

 
(2
)
 

 
(2
)
Discontinued operations
$
(3,031
)
 
$
2,118

 
$
(870
)
 
$
(37
)

 
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
 
 
June 30, 2013
 
December 31, 2012
Properties, net
$
124,299

 
$
128,740

Deferred rent receivable
4,763

 
4,068

Intangible assets on real estate acquisitions, net
4,392

 
4,409

Deferred leasing costs, net
3,359

 
2,923

Lease incentives
83

 
89

Assets held for sale
$
136,896

 
$
140,229