Property Dispositions and Assets Held for Sale

6 Months Ended

Jun. 30, 2013

Property Dispositions and Assets Held for Sale

Property Dispositions and Assets Held for Sale

4.  Property Dispositions and Assets Held for Sale

In June 2013, we entered into an agreement to sell the property located at 333 West 34th, New York, New York for $220.3 million. This transaction is expected to close during the third quarter of 2013.

In March 2013, we entered into an agreement to sell 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 connection with the expected sale of this property. This transaction is expected to close during the third quarter of 2013.

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 under contract or sold prior to June 30, 2013. This included 300 Main Street and 333 West 34th Street, which were held for sale at June 30, 2013, 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 and six months ended June 30, 2013 and 2012, respectively (in thousands).

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2012		2013		2012
Revenues
Rental revenue	$	4,930		$	3,853	$	8,960	$	8,425
Escalation and reimbursement revenues	155			618		609		1,167
Other income	—			—		7		—
Total revenues	5,085			4,471		9,576		9,592
Operating expenses	1,542			1,488		2,983		2,866
Real estate taxes	284			313		578		614
Interest expense, net of interest income	167			166		331		930
Depreciable real estate reserves	2,150			—		2,150		—
Transaction related costs	3			—		3		95
Depreciation and amortization	1,617			1,605		3,211		3,156
Total expenses	5,763			3,572		9,256		7,661
Net (loss) income from discontinued operations	$	(678	)	$	899	$	320	$	1,931