DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2014

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 these properties sold and held-for-sale (dollars in thousands):

	For the Years Ended December 31,
	2014			2013			2012
Revenues:
Rental and other property revenues	$	5,612		$	34,922		$	43,010
		5,612			34,922			43,010
Expenses:
Property operating expenses		2,350			16,480			22,645
Depreciation		751			5,563			7,676
General and administrative		515			950			975
Provision on impairment of notes receivable and real estate assets		-			-			2,400
Total operating expenses		3,616			22,993			33,696
Other income (expense):
Other income (expense)		(508	)		44			7
Mortgage and loan interest		(1,743	)		(8,082	)		(12,677	)
Deferred borrowing costs amortization		(1,461	)		(3,015	)		(1,794	)
Loan charges and prepayment penalties		(1,656	)		(3,245	)		(3,471	)
Earnings from unconsolidated subsidiaries and investees		1			30			55
Litigation settlement		(250	)		(250	)		(250	)
Total other expenses		(5,617	)		(14,518	)		(18,130	)
Loss from discontinued operations before gain on sale of real estate and taxes		(3,621	)		(2,589	)		(8,816	)
Gain on sale of real estate from discontinued operations		61,879			97,405			5,217
Income tax benefit (expense)		(20,390	)		(33,186	)		1,260
Income (loss) from discontinued operations	$	37,868		$	61,630		$	(2,339	)