Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of components from discontinued operations

The Company has recorded the gains and operations for these various assets sold as part of discontinued operations in the accompanying consolidated statements of operations. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets ($ in thousands):

	2011			2010			2009

Revenues (1)	$	4,081		$	5,453		$	7,504

Property operating expenses (1)		(1,861	)		(2,342	)		(3,007	)
Depreciation and amortization		(1,115	)		(1,491	)		(1,980	)
Expenses		(2,976	)		(3,833	)		(4,987	)
Operating income from real estate sold		1,105			1,620			2,517

Gain on sale of real estate		8,382			-			8,626
Internal disposition costs		(839	)		-			(683	)
Income from discontinued operations	$	8,648		$	1,620		$	10,460

(1)	For 2011, 2010 and 2009, discontinued operations consisted of the operating results of Woodland Colonial and Clarendon properties sold in 2011 and the operating results of Tierra del Sol/Norte and Alpine Country which were sold in 2012.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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