Note 3 - Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations.  This reporting has resulted in certain reclassifications of 2013 financial statement amounts.

The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2014 and 2013 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and 2013 and the operations for the applicable period for those assets classified as held-for-sale as of June 30, 2014 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Discontinued operations:
Revenues from rental property	$	6,188		$	21,607		$	23,020		$	40,841
Rental property expenses		(1,749	)		(6,563	)		(4,333	)		(12,322	)
Depreciation and amortization		(1,667	)		(5,597	)		(3,649	)		(10,658	)
Provision for doubtful accounts		(49	)		(262	)		(329	)		(603	)
Interest (expense)/income, net		(36	)		338			(72	)		173
Other expense, net		(141	)		(207	)		(456	)		(317	)
Income from discontinued operating properties, before income taxes		2,546			9,316			14,181			17,114
Impairment of property carrying value, net, before income taxes		(4,686	)		(53,478	)		(9,309	)		(56,310	)
Gain on disposition of operating properties, net, before income taxes		20,952			1,869			30,290			4,365
(Provision)/benefit for income taxes, net		(942	)		14,886			(564	)		15,132
Income/(loss) from discontinued operating properties		17,870			(27,407	)		34,598			(19,699	)
Net income attributable to noncontrolling interests		(802	)		(413	)		(7,399	)		(835	)
Income/(loss) from discontinued operations attributable to the Company	$	17,068		$	(27,820	)	$	27,199		$	(20,534	)

During the six months ended June 30, 2014, the Company classified as held-for-sale 15 operating properties. The aggregate book value of these properties was $144.7 million, net of accumulated depreciation of $32.6 million.   The Company recognized impairment charges on four of these properties aggregating $7.1 million, of which $0.9 million related to a property that was sold during the six months ended June 30, 2014. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value of these properties, aggregating $197.0 million, was based upon executed contracts of sale with third parties (see Footnote 12).   The Company completed the sale of two held-for-sale operating properties during the six months ended June 30, 2014 (these dispositions are included in Footnote 2 above).  At June 30, 2014, the Company had 13 operating properties classified as held-for-sale at a carrying amount of $108.8 million, net of accumulated depreciation of $25.9 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets.  Additionally, the Company reclassified $2.4 million in mortgage debt related to one of the properties classified as held-for-sale to Other liabilities on the Company’s Condensed Consolidated Balance Sheets.