Disposition of Real Estate and Discontinued Operations

9 Months Ended

Sep. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Disposition of Real Estate and Discontinued Operations

12. Disposition of Real Estate and Discontinued Operations

Disposition of Real Estate

During the nine months ended September 30, 2015, the Company sold 22 properties and additional non-income producing assets for total proceeds of $297.3 million.  These sales have not been classified as discontinued operations in the financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1).  

Discontinued Operations

The Company sold 35 properties in 2014 that are included in discontinued operations.  The following table provides a summary of revenues and expenses from properties included in discontinued operations prior to the newly-adopted guidance for reporting discontinued operations (Note 1) (in thousands):  

	Three Months		Nine Months
	Ended September 30, 2014
Revenues	$	10,785	$	36,367
Expenses:
Operating expenses		2,773		9,784
Impairment charges		365		8,877
Interest, net		2,670		9,176
Depreciation and amortization		4,513		14,891
		10,321		42,728
Income (loss) from discontinued operations		464		(6,361	)
Gain on disposition of real estate, net of tax		57,105		74,287
Income from discontinued operations	$	57,569	$	67,926