Discontinued operations (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued operations

Summary of net assets of discontinued operations and (loss) income from discontinued operations, net

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

	September 30,			December 31,
	2012			2011
Properties “held for sale,” net	$	77,702		$	88,408
Other assets	4,010			4,176
Total assets	81,712			92,584
Total liabilities	(2,435		)	(3,532		)
Net assets of discontinued operations	$	79,277		$	89,052

	Three Months Ended						Nine Months Ended
	September 30,						September  30,
	2012			2011			2012			2011
Total revenues	$	5,814		$	6,296		$	18,808		$	19,658
Operating expenses	(2,360		)	(2,254		)	(7,181		)	(6,986		)
Total revenues less operating expenses	3,454			4,042			11,627			12,672
Interest expense	–			–			–			(65		)
Depreciation expense	(998		)	(1,243		)	(3,156		)	(3,734		)
Gain on sale of real estate	1,562			–			1,564			–
Income from discontinued operations before impairment of real estate	4,018			2,799			10,035			8,873
Impairment of real estate	(9,799		)	(994		)	(9,799		)	(994		)
(Loss) income from discontinued operations, net	$	(5,781	)	$	1,805		$	236		$	7,879