| 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:
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five properties in White Marsh, Maryland (in the Greater Baltimore region) 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 the Baltimore/Washington Corridor that were sold on May 2, 2012; |
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11800 Tech Road in the Baltimore/Washington Corridor that was sold on June 14, 2012; |
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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; |
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23 operating properties primarily in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012;
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920 Elkridge Landing Road in the Baltimore/Washington Corridor that was sold on June 25, 2013 (added to discontinued operations in 2013); |
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4230 Forbes Boulevard in the Baltimore/Washington Corridor that was sold on December 11, 2013; |
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15 operating properties in Colorado Springs that were sold on December 12, 2013; and
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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.
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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 Years Ended December 31, |
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2014 |
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2013 |
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2012 |
Revenue from real estate operations |
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$ |
(14 |
) |
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$ |
37,636 |
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$ |
58,801 |
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Property operating expenses |
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135 |
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(13,505 |
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(21,529 |
) |
Depreciation and amortization |
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— |
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(4,505 |
) |
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(13,939 |
) |
Impairment losses |
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(3 |
) |
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(26,190 |
) |
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(23,232 |
) |
General, administrative and leasing expenses |
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— |
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(4 |
) |
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(3 |
) |
Business development and land carry costs |
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— |
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— |
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(24 |
) |
Interest expense |
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— |
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(8,221 |
) |
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(10,397 |
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Gain on sales of real estate |
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24 |
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2,671 |
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20,940 |
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Gain on early extinguishment of debt |
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(116 |
) |
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67,810 |
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1,736 |
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Discontinued operations |
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$ |
26 |
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$ |
55,692 |
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$ |
12,353 |
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As of December 31, 2014, we had two land parcels in the Greater Baltimore region classified as held for sale with a cost basis of $14.3 million.
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