Discontinued Operations

12 Months Ended

Dec. 31, 2011

Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]

Discontinued Operations

Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2011, 2010 and 2009 (amounts in thousands).

	Year Ended December 31,
	2011			2010			2009
REVENUES
Rental income	$	96,156		$	289,921		$	376,310
Total revenues	96,156			289,921			376,310
EXPENSES (1)
Property and maintenance	47,972			115,215			144,166
Real estate taxes and insurance	6,152			23,306			34,750
Depreciation	16,653			60,257			81,649
General and administrative	53			42			43
Total expenses	70,830			198,820			260,608
Discontinued operating income	25,326			91,101			115,702
Interest and other income	184			800			127
Other expenses	—			—			(11		)
Interest (2):
Expense incurred, net	(203		)	(10,070		)	(11,654		)
Amortization of deferred financing costs	(840		)	(292		)	(800		)
Income and other tax (expense) benefit	243			(86		)	1,073
Discontinued operations	24,710			81,453			104,437
Net gain on sales of discontinued operations	826,489			297,956			335,299
Discontinued operations, net	$	851,199		$	379,409		$	439,736

(1) Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.

(2) Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.

For the properties sold during 2011, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2010 were $656.7 million and $76.0 million, respectively.