|
13. Discontinued Operations and Assets Held for Sale
Income from discontinued operations primarily includes revenues and expenses associated with the following:
· 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;
· 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;
· 13 properties comprising the Rutherford Business Center portfolio in Greater Baltimore that were sold on December 15, 2011;
· three properties comprising the White Marsh Professional Center, 8615 Ridgely’s Choice and 8114 Sandpiper Circle in Greater Baltimore 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 the Greater Baltimore region that were sold on February 10, 2012; and
· four operating properties that were classified as held for sale as of March 31, 2012, including the following:
· 226 Schilling Circle in Greater Baltimore;
· 11800 Tech Road in Suburban Maryland; and
· 15 and 45 West Gude Drive in Suburban Maryland.
The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
|
|
|
For the Three Months
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
Revenue from real estate operations
|
|
$
|
3,365
|
|
$
|
5,980
|
|
|
Property operating expenses
|
|
(1,185
|
)
|
(3,091
|
)
|
|
Depreciation and amortization
|
|
(21
|
)
|
(2,977
|
)
|
|
Impairment losses
|
|
(1,461
|
)
|
—
|
|
|
Interest expense
|
|
(451
|
)
|
(813
|
)
|
|
Gain on sales of real estate
|
|
4,138
|
|
—
|
|
|
Discontinued operations
|
|
$
|
4,385
|
|
$
|
(901
|
)
|
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
|
Properties, net
|
|
$
|
74,758
|
|
$
|
108,356
|
|
|
Deferred rent receivable
|
|
2,371
|
|
2,800
|
|
|
Intangible assets on real estate acquisitions, net
|
|
930
|
|
1,737
|
|
|
Deferred leasing costs, net
|
|
3,293
|
|
3,723
|
|
|
Assets held for sale
|
|
$
|
81,352
|
|
$
|
116,616
|
|