XML 22 R17.htm IDEA: XBRL DOCUMENT v2.3.0.15
Discontinued Operations
9 Months Ended
Sep. 30, 2011
Discontinued Operations [Abstract] 
Discontinued Operations

8. Discontinued Operations

 

 

On March 31, 2011, the receiver completed the disposition of the High Point Complex in North Carolina. In connection therewith, the property and related debt were removed from our consolidated balance sheet and we recognized a net gain of $83,907,000 on the extinguishment of debt.

 

During 2011, we sold 1140 Connecticut Avenue and 1227 25th Street for $127,000,000 in cash, which resulted in a $45,862,000 net gain, and three retail properties in separate transactions for an aggregate of $40,990,000 in cash, which resulted in net gains aggregating $5,761,000.

 

In the third quarter of 2011, we reclassified the assets and liabilities and the combined results of operations of 350 West Mart Center, a 1.2 million square feet office building in Chicago, Illinois which is a part of our Merchandise Mart Properties segment and four retail properties, as “discontinued operations.”

 

The tables below set forth the assets and liabilities related to discontinued operations at September 30, 2011 and December 31, 2010, and their combined results of operations for the three and nine months ended September 30, 2011 and 2010.

    Assets Related to Liabilities Related to  
 (Amounts in thousands) Discontinued Operations as of Discontinued Operations as of  
   September 30, December 31, September 30, December 31,  
   2011 2010 2011 2010  
 350 West Mart Center $ 170,333 $ 162,984 $ 1,128 $ -  
 Retail properties   83,019   121,837   7,826   11,730  
 High Point   -   154,563   -   236,974  
 1227 25th Street   -   43,630   -   -  
 1140 Connecticut Avenue   -   36,271   -   18,948  
 Total $ 253,352 $ 519,285 $ 8,954 $ 267,652  
                 
                 
    For the Three Months For the Nine Months  
 (Amounts in thousands) Ended September 30, Ended September 30,  
   2011 2010 2011 2010  
 Total revenues $ 9,744 $ 20,163 $ 36,486 $ 61,883  
 Total expenses   6,061   18,830   25,723   58,508  
     3,683   1,333   10,763   3,375  
 Net gain on extinguishment of High Point debt   -   -   83,907   -  
 Net gain on sale of 1140 Connecticut Avenue               
  and 1227 25th Street   -   -   45,862   -  
 Net gain on sales of other real estate   -   -   5,761   -  
 Litigation loss accrual and impairment loss   -   (5,000)   -   (15,056)  
 Income (loss) from discontinued operations $ 3,683 $ (3,667) $ 146,293 $ (11,681)