Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

10.    Discontinued Operations and Assets Held for Sale

The following table illustrates the number of properties in discontinued operations:

	Held for Sale at March 31, 2012	Sold in 2012	Sold in 2011	Total
Office	0	7	93	100
Industrial	2	6	7	15
Retail	1	0	1	2
	3	13	101	117

We allocate interest expense to discontinued operations and have included such interest expense in computing income from discontinued operations. Interest expense allocable to discontinued operations includes interest on any secured debt for properties included in discontinued operations and an allocable share of our consolidated unsecured interest expense for unencumbered properties. The allocation of unsecured interest expense to discontinued operations was based upon the gross book value of the unencumbered real estate assets included in discontinued operations as it related to the total gross book value of our unencumbered real estate assets.

The following table illustrates the operations of the buildings reflected in discontinued operations for the three months ended March 31, 2012 and 2011, respectively (in thousands):

	Three Months Ended March 31,
	2012			2011
Revenues	$	1,234		$	52,170
Operating expenses	(815		)	(25,273		)
Depreciation and amortization	(643		)	(17,159		)
Operating income (loss)	(224		)	9,738
Interest expense	(525		)	(15,141		)
Loss before gain on sales	(749		)	(5,403		)
Gain on sale of depreciable properties	6,476			11,603
Income from discontinued operations	$	5,727		$	6,200

The income from discontinued operations for both periods presented is entirely attributable to the common unitholders.

At March 31, 2012, we classified three in-service properties as held-for-sale, which were included in discontinued operations, due to our present intention to sell the properties in the second quarter. The following table illustrates aggregate balance sheet information of the aforementioned three properties included in discontinued operations at March 31, 2012 (in thousands):

Real estate investment, net	$	18,159
Other assets	1,236
Total assets held-for-sale	$	19,395
Accrued expenses	$	434
Other liabilities	209
Total liabilities held-for-sale	$	643