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. Results are reflective of dispositions through March 31, 2013.

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	$	313,452		$	431,951		$	606,932
Total revenues	313,452			431,951			606,932
EXPENSES (1)
Property and maintenance	69,783			127,276			193,550
Real estate taxes and insurance	27,956			37,745			62,396
Property management	211			266			230
Depreciation	91,108			124,265			167,887
General and administrative	87			55			42
Total expenses	189,145			289,607			424,105
Discontinued operating income	124,307			142,344			182,827
Interest and other income	156			196			1,490
Other expenses	(161		)	(348		)	(331		)
Interest (2):
Expense incurred, net	(2,284		)	(7,686		)	(20,763		)
Amortization of deferred financing costs	(115		)	(1,195		)	(953		)
Income and other tax (expense) benefit	(32		)	223			(108		)
Discontinued operations	121,871			133,534			162,162
Net gain on sales of discontinued operations	548,278			826,489			297,956
Discontinued operations, net	$	670,149		$	960,023		$	460,118

(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 and the first three months of 2013, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2011 were $2.0 billion and $147.6 million, respectively. For the properties sold during the first three months of 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.