|
14. Discontinued Operations and Assets Held for Sale
Income from discontinued operations primarily includes revenues and expenses associated with the following:
· 11101 McCormick Road property in the Greater Baltimore region that was sold on February 1, 2010;
· 431 and 437 Ridge Road properties in Central New Jersey (included in the Other region) that were sold on September 8, 2010;
· 1344 and 1348 Ashton Road properties and 1350 Dorsey Road property in the Baltimore/Washington Corridor that were sold on May 24, 2011;
· 216 Schilling Circle in the Greater Baltimore region that was sold on August 23, 2011;
· the four properties comprising the Towson Portfolio in the Greater Baltimore region that were sold on September 29, 2011; and
· 15 operating properties that were classified as held for sale as of September 30, 2011.
The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
|
|
|
For the Three Months
|
|
For the Nine Months
|
|
|
|
|
Ended September 30,
|
|
Ended September 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from real estate operations
|
|
$
|
3,236
|
|
$
|
3,954
|
|
$
|
9,434
|
|
$
|
12,344
|
|
|
Expenses from real estate operations:
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
1,057
|
|
1,291
|
|
3,784
|
|
4,413
|
|
|
Depreciation and amortization
|
|
313
|
|
1,242
|
|
3,381
|
|
3,528
|
|
|
Impairment losses
|
|
|
|
|
|
14,523
|
|
|
|
|
Expenses from real estate operations
|
|
1,370
|
|
2,533
|
|
21,688
|
|
7,941
|
|
|
Operating income from real estate operations
|
|
1,866
|
|
1,421
|
|
(12,254
|
)
|
4,403
|
|
|
Interest expense
|
|
(248
|
)
|
(452
|
)
|
(975
|
)
|
(1,208
|
)
|
|
Loss on early extinguishment of debt
|
|
(340
|
)
|
|
|
(340
|
)
|
|
|
|
Gain on sales of real estate
|
|
1,299
|
|
784
|
|
1,449
|
|
1,081
|
|
|
Discontinued operations
|
|
$
|
2,577
|
|
$
|
1,753
|
|
$
|
(12,120
|
)
|
$
|
4,276
|
|
The table below sets forth the components of assets held for sale on our consolidated balance sheets as of September 30, 2011 (in thousands):
|
Properties, net
|
|
$
|
70,278
|
|
|
Deferred rent receivable
|
|
974
|
|
|
Intangible assets on real estate acquisitions, net
|
|
543
|
|
|
Deferred leasing costs, net
|
|
972
|
|
|
Assets held for sale
|
|
$
|
72,767
|
|
|