Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS [Text Block]

For the three and six-month periods ended June 30, 2013, income from discontinued operations relates to the twelve properties sold by the Company during 2013. The following table summarizes the revenue and expense information for properties classified as discontinued operations for the three and six-month periods ended June 30, 2013 (in thousands):

	Three-month period ended June 30, 2013			Six-month period ended  June 30, 2013
Revenue:
Rents	$	626		$	4,129
Tenant reimbursements	2			331
Other	9			123
Total revenue	637			4,583
Expenses:
Property operating expenses	274			1,586
Real estate taxes	79			504
Depreciation and amortization	278			1,715
Total operating expenses	631			3,805
Other income (expense):
Interest income	2			2
Income from discontinued operations before gain on sale of interests in real estate	8			780
Net gain (loss) on disposition of discontinued operations (a)	(2,260		)	3,044
Income from discontinued operations	$	(2,252	)	$	3,824

(a) The loss of $(2.3) million for the second quarter of 2013 includes $1.1 million of closing costs incurred to sell the properties.

For the three and six-month periods ended June 30, 2012, income from discontinued operations relates to the 26 properties sold by the Company from January 1, 2012 through June 30, 2013. The following table summarizes the revenue and expense information for properties classified as discontinued operations for the three and six-month periods ended June 30, 2012 (in thousands):

	Three-month period ended June 30, 2012		Six-month period ended June 30, 2012
Revenue:
Rents	$	7,322	$	16,680
Tenant reimbursements	719		1,486
Termination fees	—		7
Other	164		188
Total revenue	8,205		18,361
Expenses:
Property operating expenses	2,137		4,841
Real estate taxes	843		1,977
Depreciation and amortization	2,695		6,274
Total operating expenses	5,675		13,092
Other income (expense):
Interest income	5		6
Income from discontinued operations before gain on sale of interests in real estate	2,535		5,275
Net gain on disposition of discontinued operations	10,177		24,845
Income from discontinued operations	$	12,712	$	30,120

Discontinued operations have not been segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions will not agree with respective data in the consolidated statements of operations.