Property Dispositions and Assets Held for Sale

6 Months Ended

Jun. 30, 2011

Property Dispositions and Assets Held for Sale

Property Dispositions and Assets Held for Sale

4.  Property Dispositions and Assets Held for Sale

In May 2011, we sold our property located at 28 West 44th Street for $161.0 million. The property is approximately 359,000 square feet. We recognized a gain of $46.1 million on the sale.

At June 30, 2011, discontinued operations included the results of operations of real estate assets sold or held for sale prior to that date. This included 28 West 44th Street, which was sold in May 2011 and 19 West 44th Street, which was sold in September 2010.

The following table summarizes income from discontinued operations for the three and six months ended June 30, 2011 and 2010, respectively (in thousands).

		Three MonthsEnded		Three Months Ended		Six MonthsEnded		Six Months Ended
		June 30,		June 30,		June 30,		June 30,
		2011		2010		2011		2010
Revenues
Rental revenue	$	1,245	$	6,467	$	4,835	$	12,843
Escalation and reimbursement revenues		219		1,306		873		2,680
Other income		56		378		60		379
Total revenues		1,520		8,151		5,768		15,902
Operating expense		487		1,873		1,633		3,854
Real estate taxes		187		1,415		1,034		2,829
Interest expense, net of interest income		286		708		980		1,399
Amortization of deferred financing costs		---		220		147		441
Depreciation and amortization		---		1,532		676		3,059
Total expenses		960		5,748		4,470		11,582
Income from discontinued operations	$	560	$	2,403	$	1,298	$	4,320