Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [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.

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 nine months and quarters ended September 30, 2011 and 2010 (amounts in thousands).

	Nine Months Ended September 30,						Quarter Ended September 30,
	2011			2010			2011			2010
REVENUES
Rental income	$	87,279		$	213,221		$	3,764		$	75,310
Total revenues		87,279			213,221			3,764			75,310
EXPENSES (1)
Property and maintenance		46,177			85,544			2,202			31,051
Real estate taxes and insurance		5,369			17,162			151			5,619
Depreciation		14,344			43,873			901			15,701
General and administrative		49			32			2			13
Total expenses		65,939			146,611			3,256			52,384
Discontinued operating income		21,340			66,610			508			22,926
Interest and other income		140			640			42			7
Interest (2):
Expense incurred, net		(83	)		(6,032	)		(21	)		(2,056	)
Amortization of deferred financing costs		(640	)		(252	)		—			(28	)
Income and other tax (expense) benefit		31			(66	)		93			(13	)
Discontinued operations		20,788			60,900			622			20,836
Net gain on sales of discontinued operations		759,100			69,538			76,864			9,285
Discontinued operations, net	$	779,888		$	130,438		$	77,486		$	30,121

(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 nine months ended September 30, 2011, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2010 were $623.7 million and $50.9 million, respectively.