Sales of Real Estate and Discontinued Operations

9 Months Ended

Sep. 30, 2011

Sales of Real Estate and Discontinued Operations [Abstract]

Sales of Real Estate and Discontinued Operations

Sales of Real Estate and Discontinued Operations

During the nine months ended September 30, 2011, the Company disposed of its interests in 14 properties to unrelated third parties for an aggregate gross disposition price of $137,467, which includes the assumption of $28,648 of non-recourse mortgage debt and seller financing of $3,003. The Company recognized an aggregate gain on sales of properties of $5,251 and debt satisfaction charges of $603 as a result of these sales during the nine months ended September 30, 2011. During the nine months ended September 30, 2010, the Company sold its interests in nine properties to unrelated third parties for an aggregate gross disposition price of $112,027, which includes the assumption of $38,101 of non-recourse mortgage debt. The Company recognized an aggregate gain on sales of properties of $2,523 and debt satisfaction gains of $3,385 during the nine months ended September 30, 2010. As of September 30, 2011, the Company had one property classified as held for sale.

The following presents the operating results for the properties sold and properties classified as held for sale for the applicable periods:

	Three months ended September 30,					Nine months ended September 30,
	2011			2010		2011			2010
Total gross revenues	$	715		$	5,865	$	4,137		$	21,236
Pre-tax income (loss), including gains on sale	$	(1,489	)	$	1,191	$	(28,262	)	$	(43,905	)