DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2013

DISCONTINUED OPERATIONS (Tables)

Summary of revenue and expense information for the properties sold and held for sale

The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Revenue
Rental and other property revenues	$	1,258		$	3,456		$	3,768		$	7,850
Other income		20			943			20			939
		1,278			4,399			3,788			8,789
Expenses
Property operating expense		247			2,095			1,652			4,812
Interest expense		265			(290	)		878			1,904
Loan cost amortization		2			9			4			12
Loan fee expense		-			-			-			849
General and administrative		291			160			511			324
Depreciation and amortization		183			554			512			1,308
Earnings from unconsolidated joint ventures and investees		-			(56	)		-			(56	)
	$	988		$	2,472		$	3,557		$	9,153
Income (loss) from discontinued operations before gains on sale of real estate, taxes, and fees		290			1,927			231			(364	)
Gain on sale of discontinued operations		18,074			1,502			24,265			5,091
Income from discontinued operations	$	18,364		$	3,429		$	24,496		$	4,727
Income tax expense		(6,427	)		(1,200	)		(8,574	)		(1,654	)
Net income from discontinued operations	$	11,937		$	2,229		$	15,922		$	3,073