Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Assets Held for Sale
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;
•
five properties in White Marsh, Maryland (in the Greater Baltimore region) 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 the Baltimore/Washington Corridor that were sold on May 2, 2012;
•
11800 Tech Road in the Baltimore/Washington Corridor that was sold on June 14, 2012;
•
400 Professional Drive in the Baltimore/Washington Corridor for which the title to the property was transferred to the mortgage lender on July 2, 2012;
•
23 operating properties primarily in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012;
•
920 Elkridge Landing Road in the Baltimore/Washington Corridor that was sold on June 25, 2013 (added to discontinued operations in 2013);
•
4230 Forbes Boulevard in the Baltimore/Washington Corridor that was sold on December 11, 2013;
•
15 operating properties in Colorado Springs that were sold on December 12, 2013; and
•
nine operating properties in the Baltimore/Washington Corridor and five operating properties in Colorado Springs for which the title to the properties was transferred to the mortgage lender on December 23, 2013 (added to discontinued operations in 2013).

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,
 
 
2013
 
2012
 
2011
Revenue from real estate operations
 
$
37,636

 
$
58,801

 
$
87,221

Property operating expenses
 
(13,505
)
 
(21,529
)
 
(33,445
)
Depreciation and amortization
 
(4,505
)
 
(13,939
)
 
(27,128
)
Impairment losses
 
(26,190
)
 
(23,232
)
 
(67,808
)
General, administrative and leasing expenses
 
(4
)
 
(3
)
 
(20
)
Business development and land carry costs
 
—

 
(24
)
 
(75
)
Interest expense
 
(8,221
)
 
(10,397
)
 
(14,264
)
Gain on sales of real estate
 
2,671

 
20,940

 
4,796

Gain (loss) on early extinguishment of debt
 
67,810

 
1,736

 
(384
)
Discontinued operations
 
$
55,692

 
$
12,353

 
$
(51,107
)


The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
 
 
 
December 31, 2012
Properties, net
 
$
128,740

Deferred rent receivable
 
4,068

Intangible assets on real estate acquisitions, net
 
4,409

Deferred leasing costs, net
 
2,923

Lease incentives
 
89

Assets held for sale, net
 
$
140,229