Properties Held for Sale and Dispositions

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Dispositions

Properties Held for Sale and Dispositions

We entered into an agreement to sell our leasehold interest in 673 First Avenue for $145.0 million. This transaction closed in May 2014.

Discontinued operations included the results of operations of real estate assets under contract or sold prior to March 31, 2014. This included 673 First Avenue, which is held for sale, and 44 West 55th Street, 333 West 34th Street and 300 Main Street, which were sold in February, August, and September of 2013, respectively.

The following table summarizes net income from discontinued operations for the three months ended March 31, 2014 and 2013, respectively (in thousands):

	Three Months Ended March 31,
	2014		2013
Revenues
Rental revenue	$	5,076	$	8,804
Escalation and reimbursement revenues	821		1,196
Other income	—		8
Total revenues	5,897		10,008
Operating expenses	884		2,467
Real estate taxes	1,019		1,254
Ground rent	2,196		2,863
Interest expense, net of interest income	659		561
Depreciation and amortization	433		2,067
Total expenses	5,191		9,212
Net income from discontinued operations	$	706	$	796