Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

(6) Discontinued Operations

During 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 during 2012, 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. As of December 31, 2012 and 2011 no communities were held for sale.

During 2011, the Company sold one apartment community, Woodlawn Colonial, and one office building, Clarendon, for a total of $23.4 million resulting in gains totaling $8.4 million.

The Company has recorded the gains and operations for these various assets sold described above 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, as described above ($ in thousands):

	2012			2011			2010
Revenues	$	608		$	4,081		$	5,453
Property operating expenses		(260	)		(1,861	)		(2,342	)
Depreciation and amortization		(94	)		(1,115	)		(1,491	)
Expenses		(354	)		(2,976	)		(3,833	)
Operating income from real estate sold		254			1,105			1,620
Gain on sale of real estate		10,870			8,382			-
Internal disposition costs		(1,087	)		(839	)		-
Income from discontinued operations	$	10,037		$	8,648		$	1,620