Discontinued Operations

12 Months Ended

Dec. 31, 2010

Discontinued Operations [Abstract]

Discontinued Operations

13. 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 September 30, 2011.

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, 2010, 2009 and 2008 (amounts in thousands).

	Year Ended December 31,
	2010			2009			2008
REVENUES
Rental income	$	281,256		$	367,812		$	503,542
Total revenues		281,256			367,812			503,542
EXPENSES (1)
Property and maintenance		113,210			142,077			195,444
Real estate taxes and insurance		22,538			33,864			44,270
Property management		—			—			(62	)
Depreciation		57,619			78,972			104,575
General and administrative		42			43			35
Total expenses		193,409			254,956			344,262
Discontinued operating income		87,847			112,856			159,280
Interest and other income		654			127			518
Other expenses		—			(10	)		—
Interest (2):
Expense incurred, net		(9,928	)		(11,423	)		(15,279	)
Amortization of deferred financing costs		(281	)		(795	)		(119	)
Income and other tax (expense) benefit		(86	)		1,073			1,797
Discontinued operations		78,206			101,828			146,197
Net gain on sales of discontinued operations		297,956			335,299			392,857
Discontinued operations, net	$	376,162		$	437,127		$	539,054

(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 2010 and the first nine months of 2011, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2009 were $1.0 billion and $147.1 million, respectively. For the properties sold during the first nine months of 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.