Property Transactions

6 Months Ended

Jun. 30, 2011

Property Transactions [Abstract]

PROPERTY TRANSACTIONS

9. PROPERTY TRANSACTIONS

In February 2011, the Company sold Jefferson Mill Business Park Building A, a 459,000 square foot industrial property in suburban Atlanta, Georgia. The sales price was $22.0 million, and a loss of approximately $384,000 was recognized on the sale. In July 2010, the Company sold San Jose MarketCenter, a 213,000 square foot retail center in San Jose, California, and recognized a gain of $6.6 million. Also, in October 2010, the Company sold 8995 Westside Parkway, a 51,000 square foot office building in suburban Atlanta, Georgia, and recognized a gain of $654,000. The combined results of these properties’ operations and any gains or losses on sale are included in Discontinued Operations in the Statements of Operations for all periods presented.

The components of Discontinued Operations for the three and six months ended June 30, 2011 and 2010 are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Rental property revenues	$	(48	)	$	2,292		$	97		$	4,732
Other income		88			19			88			19
Rental property operating expenses		—			(673	)		(9	)		(1,326	)
Depreciation and amortization		—			(333	)		(64	)		(1,052	)
Income from discontinued operations	$	40		$	1,305		$	112		$	2,373
Loss on sale of investment properties	$	—		$	—		$	(384	)	$	—