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Discontinued Operations
 12 Months Ended
Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
During 2012, we sold 27 shopping centers, 54 industrial properties, and we assigned a 75% consolidated joint venture interest to our partner. Of these dispositions, 55 were located in Texas, six each in Florida and Georgia, three in North Carolina, two each in Colorado, Louisiana and Virginia and one each in Arizona, Illinois, Kansas, Maine, Oklahoma and Tennessee. As part of these 2012 dispositions, we sold, in May 2012, a portfolio of 52 wholly-owned industrial properties in order to exit the industrial real estate market and further align and strengthen our position solely as a retail REIT.
As of December 31, 2012, we reclassified two previously identified held for sale shopping centers to operations. Several letters of intent on these properties did not come to fruition over the past year and current market conditions for these properties changed since they were first classified as held for sale in 2011. The net book value of $10.0 million associated with these properties was reclassified to operating assets as of December 31, 2012. In addition, operating (loss) income of $(.1) million and $.8 million for the year ended December 31, 2011 and 2010, respectively, was reclassified from discontinued operations to continuing operations. No properties were classified as held for sale as of December 31, 2012 as the potential disposition of assets currently being marketed was not deemed probable.
During 2011, we sold three industrial properties, of which two were located in Georgia and one in Texas, and eight shopping centers, of which five were located in Texas and one each in Florida, Kansas and North Carolina. As of December 31, 2011, we classified as held for sale seven shopping centers with a net book value of $73.2 million, of which three were located in Texas and one each in Arizona, Florida, Illinois and North Carolina.
Included in the Consolidated Balance Sheet at December 31, 2011 were $673.8 million of property and $156.2 million of accumulated depreciation related to retail and industrial properties that were sold during 2012.
The operating results of these properties have been reclassified and reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Revenues, net
$
39,832

 
$
82,083

 
$
83,414

Depreciation and amortization
(7,430
)
 
(25,941
)
 
(25,805
)
Operating expenses
(7,588
)
 
(15,010
)
 
(14,874
)
Real estate taxes, net
(5,632
)
 
(11,683
)
 
(11,750
)
Impairment loss
(5,454
)
 
(20,300
)
 
—

General and administrative
(2,198
)
 
(60
)
 
(56
)
Interest, net
(651
)
 
(2,019
)
 
(3,403
)
Interest and other income, net
—

 
—

 
2

Gain on acquisition (see Note 23)
—

 
4,559

 
—

Provision for income taxes
(268
)
 
(311
)
 
(323
)
Operating income from discontinued operations
10,611

 
11,318

 
27,205

Gain on sale of property from discontinued operations
68,589

 
10,273

 
1,093

Income from discontinued operations
$
79,200

 
$
21,591

 
$
28,298


We do not allocate other consolidated interest to discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material.