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18. Discontinued Operations and Assets Held for Sale
Income from discontinued operations primarily includes revenues and expenses associated with the following properties:
-
-
•
-
11101 McCormick Road in Greater Baltimore that was sold on February 1, 2010;
-
•
-
431 and 437 Ridge Road in Central New Jersey (included in the Other region) that were sold on September 8, 2010;
-
•
-
1344 and 1348 Ashton Road and 1350 Dorsey Road in the Baltimore/Washington Corridor that were sold on May 24, 2011;
-
•
-
216 Schilling Circle in Greater Baltimore that was sold on August 23, 2011;
-
•
-
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;
-
•
-
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; and
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•
-
11 operating properties classified as held for sale as of December 31, 2011, including the following:
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•
-
222, 224 and 226 Schilling Circle in Greater Baltimore;
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•
-
8114 Sandpiper Circle in Greater Baltimore;
-
•
-
three properties comprising the White Marsh Professional Center in Greater Baltimore;
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•
-
8615 Ridgely's Choice Drive in Greater Baltimore;
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•
-
11800 Tech Road in Suburban Maryland; and
-
•
- 15 and 45 West Gude Drive in Suburban Maryland;
Certain reclassifications have been made in prior periods to reflect discontinued operations consistent with the current period presentation. The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Revenue from real estate operations
|
|
$ |
23,336 |
|
$ |
28,805 |
|
$ |
32,314 |
|
|
Property operating expenses
|
|
|
(9,183 |
) |
|
(10,438 |
) |
|
(11,433 |
) |
|
Depreciation and amortization
|
|
|
(6,687 |
) |
|
(10,009 |
) |
|
(11,517 |
) |
|
Impairment losses
|
|
|
(23,256 |
) |
|
— |
|
|
— |
|
|
Interest expense
|
|
|
(3,020 |
) |
|
(3,380 |
) |
|
(2,631 |
) |
|
Loss on early extinguishment of debt
|
|
|
(340 |
) |
|
— |
|
|
— |
|
|
Gain on sales of real estate
|
|
|
4,807 |
|
|
1,077 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
Discontinued operations
|
|
$ |
(14,343 |
) |
$ |
6,055 |
|
$ |
6,733 |
|
| |
|
|
|
|
|
|
|
The table below sets forth the components of assets held for sale on our consolidated balance sheets as of December 31, 2011 (in thousands):
|
|
|
|
|
|
Properties, net
|
|
$ |
108,356 |
|
|
Deferred rent receivable
|
|
|
2,800 |
|
|
Intangible assets on real estate acquisitions, net
|
|
|
1,737 |
|
|
Deferred leasing costs, net
|
|
|
3,723 |
|
| |
|
|
|
|
Assets held for sale, net
|
|
$ |
116,616 |
|
| |
|
|
|
|