DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2012

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

NOTE 14.    DISCONTINUED OPERATIONS

The Company applies the provisions of ASC Topic 360, “Property, Plant and Equipment.” ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the year ended 2012, 2011 and 2010. Income from discontinued operations relates to 6, 19, and 28 properties that were sold or held for sale in 2012, 2011 and 2010, respectively. The following table summarizes revenue and expense information for these properties sold and held-for-sale (dollars in thousands):

	For Years Ended December 31,
	2011			2010
Revenues
Rental	$	18,215		$	38,110
		18,215			38,110
Expenses (Other Income)
Property operations		(10,243	)		(21,013	)
Other income		-			4,065
Interest		(7,212	)		(15,819	)
General and administration		(1,148	)		(697	)
Depreciation		(4,032	)		(7,755	)
Provision on impairment of real estate assets		(8,005	)		(1,923	)
		(30,640	)		(43,142	)
Net loss from discontinued operations before gains on sale of real estate, taxes and fees		(12,425	)		(5,032	)
Gain on sale of discontinued operations		18,300			10,781
Earnings from unconsolidated subsidiaries and investees		453			203
Income from discontinued operations		6,328			5,952
Income tax expense		(2,215	)		(2,083	)
Income from discontinued operations	$	4,113		$	3,869

 The Company’s application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2012, 2011 and 2010 as income from discontinued operations. The application of ASC Topic 360 does not have an impact on net income available to common shareholders. ASC Topic 360 only impacts the presentation of these properties within the Consolidated Statements of Operations.