Discontinued Operations

6 Months Ended

Jun. 30, 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 first quarter of 2012, 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. Also in the first quarter, the Company 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					Six Months Ended
	June 30,					June 30,
	2012		2011			2012			2011
Rental revenues	$	-	$	1,006		$	608		$	2,347
Property operating expenses		-		(459	)		(260	)		(1,024	)
Depreciation and amortization		-		(261	)		(94	)		(636	)
Income from real estate sold		-		286			254			687
Gain on sale		-		5,854			10,870			5,854
Internal dispositon costs		-		(589	)		(1,087	)		(589	)
Income from discontinued operations	$	-	$	5,551		$	10,037		$	5,952