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Gain on Sales of Investment Properties
12 Months Ended
Dec. 31, 2012
Gain on Sales of Investment Properties  
Gain on Sales of Investment Properties

14.                              Gain on Sales of Investment Properties

 

During 2012, we sold 44 investment properties for $50.6 million, which resulted in a gain of $9.9 million.  The results of operations for these properties have been reclassified as discontinued operations for all periods presented.

 

During 2011, we sold 26 investment properties for $22.0 million, which resulted in a gain of $5.2 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.  Additionally, we sold excess real estate from five properties for $2.1 million, which resulted in a gain of $540,000.  This gain is included in other revenue on our consolidated statement of income for 2011, because this excess real estate was associated with properties that continue to be owned as part of our core operations.

 

During 2010, we sold 28 investment properties and excess land from one property for $27.2 million, which resulted in a gain of $8.7 million.  The results of operations for these properties have been reclassified as discontinued operations.

 

During 2012, 2011 and 2010, Crest did not sell any properties.