Discontinued operations

6 Months Ended

Jun. 30, 2012

Discontinued operations

Discontinued operations

12.Discontinued operations

The following is a summary of net assets of discontinued operations, and income from discontinued operations, net (in thousands):

	June 30,			December 31,
	2012			2011
Properties “held for sale,” net	$	18,851		$	20,851
Other assets	695			847
Total assets	19,546			21,698
Total liabilities	(139		)	(469		)
Net assets of discontinued operations	$	19,407		$	21,229

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Total revenues	$	318	$	657	$	602	$	1,276
Operating expenses	75		126		185		237
Total revenues less operating expenses	243		531		417		1,039
Interest expense	–		4		–		36
Depreciation expense	39		190		78		354
Income from discontinued operations before gain on sales of real estate	204		337		339		649
Gain on sale of real estate	2		–		2		–
Income from discontinued operations, net	$	206	$	337	$	341	$	649

Income from discontinued operations, net, for the three and six months ended June 30, 2012, includes the results of the operations of three operating properties that were classified as “held for sale” as of June 30, 2012, and the results of operations of one property sold during the three months ended June 30, 2012.  Income from discontinued operations, net, for the three and six months ended June 30, 2011, includes the results of operations of three properties that were classified as “held for sale” as of June 30, 2012, one property sold during the three months ended June 30, 2012, and one property sold during the three months ended September 30, 2011. During the three and six months ended June 30, 2012, we sold 5110 Campus Drive, located in Pennsylvania, at a price of approximately $1.8 million, which resulted in a gain of approximately $2,000.