Discontinued Operations

12 Months Ended

Dec. 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 each of the years ended December 31, 2012, 2011 and 2010 (amounts in thousands).

	Year Ended December 31,
	2012			2011			2010
REVENUES
Rental income	$	69,619		$	202,128		$	388,480
Total revenues	69,619			202,128			388,480
EXPENSES (1)
Property and maintenance	19,575			76,727			143,158
Real estate taxes and insurance	6,055			17,061			34,148
Property management	211			266			230
Depreciation	20,910			51,037			91,934
General and administrative	77			54			42
Total expenses	46,828			145,145			269,512
Discontinued operating income	22,791			56,983			118,968
Interest and other income	155			196			848
Other expenses	(120		)	(265		)	(136		)
Interest (2):
Expense incurred, net	(1,381		)	(5,163		)	(17,628		)
Amortization of deferred financing costs	(65		)	(1,080		)	(830		)
Income and other tax (expense) benefit	(9		)	243			(87		)
Discontinued operations	21,371			50,914			101,135
Net gain on sales of discontinued operations	548,278			826,489			297,956
Discontinued operations, net	$	569,649		$	877,403		$	399,091

(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 2012, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2011 were $516.0 million and $87.4 million, respectively.