DISCONTINUED OPERATIONS

12 Months Ended

Mar. 31, 2013

DISCONTINUED OPERATIONS

NOTE 9. DISCONTINUED OPERATIONS

On December 4, 2012, we sold 160 King Street for a sales price of approximately $93.8 million. The property is located in San Francisco, California and was previously included in our office segment. The decision to sell 160 King Street was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of City Center Bellevue pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, 160 King Street no longer serves as a borrowing base property under our revolving credit facility.

Net revenue and net income from the property’s discontinued operations were as follows (in thousands):

	Three Months Ended March 31,
	2013		2012
Net revenue from discontinued operations	$	—	$	1,589
Net property expenses from discontinued operations		—		628
Depreciation and amortization		—		399
Results from discontinued operations
Income from discontinued operations		—		107
Total income from discontinued operations	$	—	$	107