Sales of Real Estate and Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Sales of Real Estate and Discontinued Operations

Sales of Real Estate and Discontinued Operations

For the years ended December 31, 2013, 2012 and 2011, the Company disposed of its interests in certain properties (excluding Pemlex LLC, see note 9) generating aggregate net proceeds of $75,519, $142,022 and $124,039, respectively, which resulted in gains on sales of $24,472, $13,291 and $6,557, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recognized net debt satisfaction gains (charges) relating to these properties of $8,955, $(178) and $(606), respectively. These gains (charges) are included in discontinued operations.

At December 31, 2013 and 2012, the Company had no properties classified as held for sale.

The following presents the operating results for the properties sold and held for sale during the years ended December 31, 2013, 2012 and 2011:

	Year Ending December 31,
	2013		2012		2011
Total gross revenues	$	7,577	$	22,591	$	44,247
Pre-tax net income (loss), including gains on sales	$	19,746	$	1,807	$	(87,533	)