| 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 |
|
|