Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

16. Discontinued Operations

During 2013 the Trust’s office properties located in Deer Valley, Arizona; Lisle, Illinois (701 Arboretum) and Andover, Massachusetts and its retail properties in Seabrook, Texas and Denton, Texas were sold and are included in discontinued operations for all periods presented. During 2014 the Trust’s residential property in Meriden, Connecticut and its office properties in Englewood, Colorado; Chicago, Illinois (River City); and Amherst, New York were sold and are included in discontinued operations for all periods presented. The Trust’s retail property in Louisville, Kentucky, which was under contract to be sold, was classified as held for sale at July 31, 2014 and is included in discontinued operations for all periods presented.

Assets held for sale at July 31, 2014 consist of land and building of $2,356,000 and accounts receivable of $58,000.

Results for discontinued operations for the one and seven months ended July 31, 2014 and the three and nine months ended September 30, 2013 are as follows (in thousands):

	For the One Month Ended July 31, 2014			For the Three Months Ended September 30, 2013			For the Seven Months Ended July 31, 2014			For the Nine Months Ended September 30, 2013
Revenues	$	18		$	3,083		$	3,220		$	10,829
Operating expenses		(34	)		(1,608	)		(1,614	)		(4,954	)
Interest expense		—			(443	)		(446	)		(1,568	)
Depreciation and amortization		—			(1,098	)		(932	)		(3,698	)
Gain on sale of real estate		100			1,421			11,094			10,948
Impairment loss		—			(2,750	)		(87	)		(2,904	)
Income (loss) from discontinued operations	$	84		$	(1,395	)	$	11,235		$	8,653