| 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:
|
|
• |
11101 McCormick Road in Greater Baltimore that was sold on February 1, 2010; |
|
|
• |
431 and 437 Ridge Road in Central New Jersey (included in the Other region) that were sold on September 8, 2010; |
|
|
• |
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 Suburban Maryland that were sold on May 2, 2012; |
|
|
• |
11800 Tech Road in Suburban Maryland that was sold on June 14, 2012; |
|
|
• |
400 Professional Drive in Suburban Maryland for which the title to the property was transferred to the mortgage lender on July 2, 2012 (see Note 5); |
|
|
• |
23 operating properties in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012; and
|
|
|
• |
16 operating properties in Colorado Springs and an operating property in Suburban Maryland classified as held for sale at December 31, 2012.
|
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, |
|
|
2012 |
|
2011 |
|
2010 |
Revenue from real estate operations |
|
$ |
38,929 |
|
|
$ |
67,336 |
|
|
$ |
74,169 |
|
Property operating expenses |
|
(13,574 |
) |
|
(25,423 |
) |
|
(26,152 |
) |
Depreciation and amortization |
|
(8,457 |
) |
|
(21,020 |
) |
|
(25,346 |
) |
Impairment losses |
|
(23,696 |
) |
|
(67,543 |
) |
|
— |
|
General, administrative and leasing expenses |
|
(3 |
) |
|
(12 |
) |
|
(223 |
) |
Business development and land carry costs |
|
(24 |
) |
|
(75 |
) |
|
(72 |
) |
Interest expense |
|
(2,174 |
) |
|
(6,079 |
) |
|
(6,399 |
) |
Gain on sales of real estate |
|
20,940 |
|
|
4,796 |
|
|
1,077 |
|
Gain (loss) on early extinguishment of debt |
|
1,736 |
|
|
(384 |
) |
|
— |
|
Discontinued operations |
|
$ |
13,677 |
|
|
$ |
(48,404 |
) |
|
$ |
17,054 |
|
The table below sets forth the components of assets held for sale on our consolidated balance sheets (in thousands):
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2012 |
|
2011 |
Properties, net |
$ |
128,740 |
|
|
$ |
108,356 |
|
Deferred rent receivable |
4,068 |
|
|
2,800 |
|
Intangible assets on real estate acquisitions, net |
4,409 |
|
|
1,737 |
|
Deferred leasing costs, net |
2,923 |
|
|
3,723 |
|
Lease incentives |
89 |
|
|
— |
|
Assets held for sale, net |
$ |
140,229 |
|
|
$ |
116,616 |
|
|