Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

(9)  Discontinued Operations

The Company classifies real estate as "held for sale" when the sale is considered to be probable.

During the quarter, the Company sold Tierra Del Sol/Norte, a 156 unit community located in the San Diego, California for $17.2 million for a gain of $7.0 million.  The Company also sold Alpine Country, a 108 unit community located in San Diego metropolitan area, for $11.1 million for a gain of $3.9 million.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above (dollars in thousands).

	Three Months Ended
	March 31,
	2012			2011
Rental revenues	$	608		$	1,340
Property operating expenses		(260	)		(563	)
Depreciation and amortization		(94	)		(373	)
Income from real estate sold		254			404
Gain on sale		10,870			-
Internal dispositon costs		(1,087	)		-
Income from discontinued operations	$	10,037		$	404