Properties Held for Sale and Dispositions (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

The following table summarizes the properties sold during the years ended December 31, 2014, 2013, and 2012:



Property	Disposition Date	Property Type	Approximate Usable Square Feet (unaudited)	Sales Price (in millions)		Gain (Loss) on Sale⁽¹⁾ (in millions)
2 Herald Square	November 2014	Land	354,400	$	365.0	$	18.8
985-987 Third Avenue	July 2014	Development	13,678	68.7		29.8
673 First Avenue	May 2014	Office	422,000	145.0		117.6
300 Main Street	September 2013	Office	130,000	13.5		(2.2		)
333 West 34th Street	August 2013	Office	345,400	220.3		13.8
44 West 55th Street	February 2013	Retail	8,557	6.3		1.1
292 Madison Avenue	February 2012	Land	203,800	85.0		6.6

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(1)

The gain on sale for 2 Herald Square, 985-987 Third Avenue, 673 First Avenue, 333 West 34th Street, and 292 Madison Avenue are net of a $2.5 million, $1.3 million, $3.4 million, $3.0 million and $1.5 million employee compensation award, respectively, 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. Additionally, amounts do not include adjustments for expense recorded in subsequent periods.

Summary of income from discontinued operations

The following table summarizes net income from discontinued operations for the years ended December 31, 2014, 2013 and 2012, respectively (in thousands).



	Year Ended December 31,
	2014		2013		2012
Revenues
Rental revenue	$	51,090	$	94,558	$	97,254
Escalation and reimbursement revenues	4,646		14,856		16,232
Other income	23		554		8,295
Total revenues	55,759		109,968		121,781
Operating expenses	7,772		20,568		23,166
Real estate taxes	7,156		16,521		16,190
Ground rent	3,001		7,975		6,362
Interest expense, net of interest income	12,652		19,782		22,298
Depreciable real estate reserves	—		2,150		—
Transaction related costs, net of recoveries	89		2		383
Depreciation and amortization	5,581		16,443		20,250
Amortization of deferred financing costs	433		840		892
Total expenses	36,684		84,281		89,541
Net income from discontinued operations	$	19,075	$	25,687	$	32,240

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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