Discontinued Operations

3 Months Ended

Mar. 31, 2012

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 the quarters ended March 31, 2012 and 2011 (amounts in thousands).

	Quarter Ended March 31,
	2012			2011
REVENUES
Rental income	$	2,931		$	60,157
Total revenues	2,931			60,157
EXPENSES (1)
Property and maintenance	422			26,019
Real estate taxes and insurance	250			4,362
Depreciation	371			10,908
General and administrative	4			11
Total expenses	1,047			41,300
Discontinued operating income	1,884			18,857
Interest and other income	25			5
Other expenses	—			(4		)
Interest (2):
Expense incurred, net	(7		)	(522		)
Amortization of deferred financing costs	—			(69		)
Income and other tax (expense) benefit	(80		)	(42		)
Discontinued operations	1,822			18,225
Net gain on sales of discontinued operations	132,956			123,754
Discontinued operations, net	$	134,778		$	141,979

(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 the quarter ended March 31, 2012, the investment in real estate, net of accumulated depreciation at December 31, 2011 was $71.6 million and there were no mortgages outstanding on these properties.