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Discontinued operations
9 Months Ended
Sep. 30, 2012
Discontinued operations  
Discontinued operations

12.   Discontinued operations

 

The following is a summary of net assets of discontinued operations and (loss) income from discontinued operations, net (in thousands):

 

 

 

September 30,

 

December 31,

 

 

 

2012

 

2011

 

Properties “held for sale,” net

 

$

77,702

 

$

88,408

 

Other assets

 

4,010

 

4,176

 

Total assets

 

81,712

 

92,584

 

 

 

 

 

 

 

Total liabilities

 

(2,435

)

(3,532

)

Net assets of discontinued operations

 

$

79,277

 

$

89,052

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September  30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Total revenues

 

$

5,814

 

$

6,296

 

$

18,808

 

$

19,658

 

Operating expenses

 

(2,360

)

(2,254

)

(7,181

)

(6,986

)

Total revenues less operating expenses

 

3,454

 

4,042

 

11,627

 

12,672

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

(65

)

Depreciation expense

 

(998

)

(1,243

)

(3,156

)

(3,734

)

Gain on sale of real estate

 

1,562

 

 

1,564

 

 

Income from discontinued operations before impairment of real estate

 

4,018

 

2,799

 

10,035

 

8,873

 

Impairment of real estate

 

(9,799

)

(994

)

(9,799

)

(994

)

(Loss) income from discontinued operations, net

 

$

(5,781

)

$

1,805

 

$

236

 

$

7,879

 

 

(Loss) income from discontinued operations, net, for the three and nine months ended September 30, 2012, includes the results of the operations of four operating properties that were classified as “held for sale” as of September 30, 2012, and the results of operations of six properties sold during the nine months ended September 30, 2012.  Income from discontinued operations, net, for the three and nine months ended September 30, 2011, includes the results of operations of four properties that were classified as “held for sale” as of September 30, 2012, six properties sold during the nine months ended September 30, 2012, and one property sold during the three months ended December 31, 2011. During the three and nine months ended September 30, 2012, we completed the sale of five and six properties, respectively.  For additional discussion regarding real estate asset sales, see discussion at Note 3, Investments in Real Estate.