| 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:
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1344 and 1348 Ashton Road and 1350 Dorsey Road in the Baltimore/Washington Corridor that were sold on May 24, 2011; |
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216 Schilling Circle in Greater Baltimore that was sold on August 23, 2011; |
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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; |
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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;
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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;
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1101 Sentry Gateway in San Antonio that was sold on January 31, 2012; |
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222 and 224 Schilling Circle in Greater Baltimore that were sold on February 10, 2012; |
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15 and 45 West Gude Drive in Suburban Maryland that were sold on May 2, 2012; |
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11800 Tech Road in Suburban Maryland that was sold on June 14, 2012; and |
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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.
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The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands):
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2012 |
|
2011 |
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2012 |
|
2011 |
Revenue from real estate operations |
$ |
7,577 |
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$ |
11,787 |
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$ |
16,805 |
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$ |
23,710 |
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Property operating expenses |
(2,775 |
) |
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(4,223 |
) |
|
(6,245 |
) |
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(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 |
) |
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(20 |
) |
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(24 |
) |
|
(39 |
) |
Interest expense |
(228 |
) |
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(1,235 |
) |
|
(983 |
) |
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(2,495 |
) |
Gain on sales of real estate |
(103 |
) |
|
139 |
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|
4,035 |
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|
139 |
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Loss on early extinguishment of debt |
(2 |
) |
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— |
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|
(2 |
) |
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— |
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Discontinued operations |
$ |
296 |
|
|
$ |
(21,852 |
) |
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$ |
(1,239 |
) |
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$ |
(21,772 |
) |
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
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June 30, 2012 |
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December 31, 2011 |
Properties, net |
$ |
133,660 |
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$ |
108,356 |
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Deferred rent receivable |
5,306 |
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|
2,800 |
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Intangible assets on real estate acquisitions, net |
2,246 |
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|
1,737 |
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Deferred leasing costs, net |
2,643 |
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|
3,723 |
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Lease incentives |
537 |
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— |
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Assets held for sale |
$ |
144,392 |
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$ |
116,616 |
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