Property Dispositions

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Property Dispositions

In September 2013, we sold the property located at 300 Main Street, Stamford, Connecticut for $13.5 million. We recorded a $2.2 million impairment charge in the second quarter of 2013.

In August 2013, we sold the property located at 333 West 34th, New York, New York for $220.3 million. We recognized a gain of $13.8 million on the sale, which is net of a $3.0 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale.

In February 2013, we, along with our joint venture partner, sold the retail property located at 44 West 55th Street, New York, New York for $6.3 million. We recognized a gain of $1.1 million on the sale.

In February 2012, we sold the leased fee interest at 292 Madison Avenue, New York, New York for $85.0 million. We recognized a gain of $6.6 million on the sale, which is net of a $1.5 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.

In May 2011, we sold a 359,000 square foot (unaudited) property located at 28 West 44th Street, New York, New York for $161 million. We recognized a gain of $46.1 million on the sale.

Discontinued operations included the results of operations of real estate assets sold prior to December 31, 2013. This included 300 Main Street, which was sold in September 2013, 333 West 34th Street, which was sold in August 2013, 44 West 55th Street, which was sold in February 2013, 292 Madison Avenue, which was sold in February 2012, and 28 West 44th Street, which was sold in May 2011.

The following table summarizes net income from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands).

	Year Ended December 31,
	2013		2012		2011
Revenues
Rental revenue	$	10,656	$	18,651	$	27,093
Escalation and reimbursement revenues	1,292		2,263		2,924
Other income	8		8,190		121
Total revenues	11,956		29,104		30,138
Operating expenses	3,643		6,646		7,424
Real estate taxes	765		1,224		2,334
Interest expense, net of interest income	461		2,082		4,922
Depreciable real estate reserves	2,150		—		—
Transaction related costs	—		160		1
Depreciation and amortization	3,212		6,373		6,715
Amortization of deferred financing costs	—		—		182
Total expenses	10,231		16,485		21,578
Net income from discontinued operations	$	1,725	$	12,619	$	8,560