Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2016

Components of discontinued operations

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 the nine months and quarters ended September 30, 2016 and 2015 (amounts in thousands).

	Nine Months Ended September 30,						Quarter Ended September 30,
	2016			2015			2016			2015
REVENUES
Rental income	$	282		$	425		$	65		$	87
Total revenues	282			425			65			87
EXPENSES (1)
Property and maintenance	(42		)	(67		)	(37		)	—
Real estate taxes and insurance	(108		)	55			(110		)	2
General and administrative	83			75			17			4
Total expenses	(67		)	63			(130		)	6
Discontinued operating income	349			362			195			81
Interest and other income	23			3			23			—
Other expenses	(280		)	—			—			—
Income and other tax (expense) benefit	(11		)	(15		)	—			—
Discontinued operations	81			350			218			81
Net gain on sales of discontinued operations	43			—			28			—
Discontinued operations, net	$	124		$	350		$	246		$	81

(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.

Starwood Portfolio [Member]

Components of discontinued operations

As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the nine months and quarters ended September 30, 2016 and 2015 (amounts in thousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2016			2015			2016			2015
REVENUES
Rental income	$	30,660		$	318,346		$	239		$	108,435
Total revenues	30,660			318,346			239			108,435
EXPENSES (1)
Property and maintenance	7,839			59,139			(84		)	20,437
Real estate taxes and insurance	2,933			37,292			1			12,668
Property management	2			9			—			3
General and administrative	19			31			4			6
Depreciation	—			78,792			—			26,360
Total expenses	10,793			175,263			(79		)	59,474
Operating income	19,867			143,083			318			48,961
Interest and other income	21			1			10			1
Interest (2):
Expense incurred, net	(380		)	(519		)	(6		)	(177		)
Amortization of deferred financing costs	(707		)	(74		)	—			(25		)
Income and other tax (expense) benefit	(1		)	(1		)	—			—
Net gain (loss) on sales of real estate properties	3,161,097			—			(103		)	—
Income from operations attributable to controlling interests – Operating     Partnership	3,179,897			142,490			219			48,760
Income from operations attributable to Noncontrolling Interests – Operating     Partnership	(122,146		)	(5,437		)	(8		)	(1,863		)
Income from operations attributable to controlling interests – Company	$	3,057,751		$	137,053		$	211		$	46,897

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

(2) Includes only interest expense specific to secured mortgage notes payable for properties held for sale which was repaid at or before closing.