Property Dispositions and Assets Held for Sale

3 Months Ended

Mar. 31, 2013

Property Dispositions and Assets Held for Sale

Property Dispositions and Assets Held for Sale

4.  Property Dispositions and Assets Held for Sale

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

In February 2012, we sold our leased fee interest at 292 Madison Avenue for $85.0 million. We recognized a gain of $6.6 million on the sale.

Discontinued operations included the results of operations of real estate assets sold prior to March 31, 2013. This included 44 West 55th Street, which was sold in February 2013 and 292 Madison Avenue, which was sold in February 2012.

The following table summarizes income from discontinued operations for the three months ended March 31, 2013 and 2012, respectively (in thousands).

	Three Months Ended March 31,
	2013			2012
Revenues
Rental revenue	$	(10	)	$	568
Escalation and reimbursement revenues	—			7
Other income	—			—
Total revenues	(10		)	575
Operating expenses	5			11
Real estate taxes	10			18
Interest expense, net of interest income	—			598
Transaction related costs	—			95
Depreciation and amortization	7			14
Total expenses	22			736
Net loss from discontinued operations	$	(32	)	$	(161	)