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. |