Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations and Assets Held for Sale

v2.4.0.6
Discontinued Operations and Assets Held for Sale
6 Months Ended
Jun. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Assets Held for Sale
Discontinued Operations and Asset 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 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; and
23 operating properties in the Baltimore/Washington Corridor and Greater Baltimore regions that were classified as held for sale as of June 30, 2012 and sold on July 24, 2012.

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,
 
2012
 
2011
 
2012
 
2011
Revenue from real estate operations
$
7,577

 
$
11,787

 
$
16,805

 
$
23,710

Property operating expenses
(2,775
)
 
(4,223
)
 
(6,245
)
 
(9,840
)
Depreciation and amortization
(1,813
)
 
(3,878
)
 
(3,581
)
 
(8,825
)
Impairment losses
(2,354
)
 
(24,422
)
 
(11,244
)
 
(24,422
)
Business development and land carry costs
(6
)
 
(20
)
 
(24
)
 
(39
)
Interest expense
(228
)
 
(1,235
)
 
(983
)
 
(2,495
)
Gain on sales of real estate
(103
)
 
139

 
4,035

 
139

Loss on early extinguishment of debt
(2
)
 

 
(2
)
 

Discontinued operations
$
296

 
$
(21,852
)
 
$
(1,239
)
 
$
(21,772
)

 
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
 
 
June 30, 2012
 
December 31, 2011
Properties, net
$
133,660

 
$
108,356

Deferred rent receivable
5,306

 
2,800

Intangible assets on real estate acquisitions, net
2,246

 
1,737

Deferred leasing costs, net
2,643

 
3,723

Lease incentives
537

 

Assets held for sale
$
144,392

 
$
116,616