Discontinued Operations

3 Months Ended

Mar. 31, 2013

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 quarters ended March 31, 2013 and 2012 (amounts in thousands).

	Quarter Ended March 31,
	2013			2012
REVENUES
Rental income	$	47,342		$	84,142
Total revenues	47,342			84,142
EXPENSES (1)
Property and maintenance	11,870			19,849
Real estate taxes and insurance	5,042			3,797
Property management	1			70
Depreciation	14,766			26,862
General and administrative	7			4
Total expenses	31,686			50,582
Discontinued operating income	15,656			33,560
Interest and other income	52			28
Other expenses	(1		)	(111		)
Interest (2):
Expense incurred, net	(34		)	(699		)
Amortization of deferred financing costs	(153		)	(40		)
Income and other tax (expense) benefit	(56		)	(101		)
Discontinued operations	15,464			32,637
Net gain on sales of discontinued operations	1,198,922			132,956
Discontinued operations, net	$	1,214,386		$	165,593

(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, 2013, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2012 were $1.4 billion and $8.4 million, respectively.