Discontinued Operations

9 Months Ended

Sep. 30, 2012

Disposal Group, Including Discontinued Operation, Income Statement 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 nine months and quarters ended September 30, 2012 and 2011 (amounts in thousands).

	Nine Months Ended September 30,						Quarter Ended September 30,
	2012			2011			2012			2011
REVENUES
Rental income	$	27,764		$	140,541		$	4,014		$	21,850
Total revenues	27,764			140,541			4,014			21,850
EXPENSES (1)
Property and maintenance	8,420			60,583			1,611			7,125
Real estate taxes and insurance	2,010			10,995			309			2,125
Property management	211			198			70			66
Depreciation	7,602			28,967			1,428			5,762
General and administrative	71			49			31			2
Total expenses	18,314			100,792			3,449			15,080
Discontinued operating income	9,450			39,749			565			6,770
Interest and other income	79			150			34			46
Interest (2):
Expense incurred, net	(1,381		)	(4,086		)	(341		)	(942		)
Amortization of deferred financing costs	(65		)	(869		)	(9		)	(71		)
Income and other tax (expense) benefit	48			31			(1		)	93
Discontinued operations	8,131			34,975			248			5,896
Net gain on sales of discontinued operations	307,447			759,100			103,394			76,864
Discontinued operations, net	$	315,578		$	794,075		$	103,642		$	82,760

(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 nine months ended September 30, 2012, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2011 were $308.2 million and $36.6 million, respectively.