Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. 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, for properties sold in 2013 and prior years. The amounts included in discontinued operations for the year ended December 31, 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the year ended December 31, 2014 met the new criteria for reporting discontinued operations. See Note 2 for further discussion.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during each of the years ended December 31, 2014, 2013 and 2012 (amounts in thousands).

	Year Ended December 31,
	2014			2013			2012
REVENUES
Rental income	$	1,309		$	121,942		$	445,832
Total revenues	1,309			121,942			445,832
EXPENSES (1)
Property and maintenance	(141		)	36,792			103,371
Real estate taxes and insurance	267			11,903			41,208
Property management	—			1			211
Depreciation	—			34,380			124,323
General and administrative	89			85			92
Total expenses	215			83,161			269,205
Discontinued operating income	1,094			38,781			176,627
Interest and other income	317			217			156
Other expenses	—			(3		)	(170		)
Interest (2):
Expense incurred, net	—			(1,296		)	(3,811		)
Amortization of deferred financing costs	—			(228		)	(140		)
Income and other tax (expense) benefit	(8		)	(449		)	(34		)
Discontinued operations	1,403			37,022			172,628
Net gain on sales of discontinued operations	179			2,036,505			548,278
Discontinued operations, net	$	1,582		$	2,073,527		$	720,906

(1) Includes expenses paid in the current period for properties sold 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.