Discontinued operations

3 Months Ended

Mar. 31, 2013

Discontinued operations

Discontinued operations

12. Discontinued operations

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

	March 31,			December 31,
	2013			2012
Properties “held for sale,” net	$	7,562		$	76,440
Other assets	574			4,546
Total assets	8,136			80,986
Total liabilities	(149		)	(3,233		)
Net assets of discontinued operations	$	7,987		$	77,753

	Three Months Ended
	March 31,
	2013		2012
Total revenues	$	3,496	$	9,308
Operating expenses	1,412		3,043
Total revenues less operating expenses	2,084		6,265
Interest expense	–		1
Depreciation expense	930		1,619
Loss on sale of real estate	340		–
Income from discontinued operations, net	$	814	$	4,645

Income from discontinued operations, net, for the three months ended March 31, 2013, includes the results of operations of three operating properties that were classified as “held for sale” as of March 31, 2013, and the results of operations and gain related to the sale of six properties sold during the three months ended March 31, 2013.  Income from discontinued operations, net, for the three months ended March 31, 2012, includes the results of operations of nine operating properties that were classified as “held for sale” as of March 31, 2013.  For additional discussion regarding real estate asset sales, see discussion under Note 3, Investments in Real Estate, Net.