Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2013

Assets Held for Sale and Discontinued Operations

5.     Assets Held for Sale and Discontinued Operations

Held for Sale

As of March 31, 2013, we had land and one operating property that met the criteria to be classified as held for sale. The amounts included in held for sale as of March 31, 2013 primarily include real estate investment balances and the related assets and liabilities for each property.

Discontinued Operations

During the three months ended March 31, 2013, we disposed of land and seven operating properties aggregating 0.4 million square feet to third parties. During all of 2012, we disposed of land, land subject to ground leases and 200 operating properties aggregating 27.2 million square feet to third parties.

The operations of the properties held for sale or disposed of to third parties and the aggregate net gains recognized upon their disposition are presented as Discontinued Operations in our Consolidated Statements of Operations for all periods presented. Interest expense is included in discontinued operations only if it is directly attributable to these properties.

Discontinued operations are summarized as follows (in thousands):

	Three Months Ended
	March 31,
	2013			2012
Rental income and recoveries	$	623		$	33,541
Rental expenses		(174	)		(9,085	)
Depreciation and amortization expense		(164	)		(11,544	)
Interest expense		(38	)		(391	)
Income attributable to disposed properties and assets held for sale		247			12,521
Net gains on dispositions		5,834			11,249
Total discontinued operations	$	6,081		$	23,770