2.2.0.25falsefalse10701 - Disclosure - Discontinued Operationstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
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<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">7. </font></div></td>
<td>
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">DISCONTINUED OPERATIONS</font></font></div></td></tr></table></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On June 1, 2010, the Company disposed of its 150,050 square foot office property located at 105 Challenger Road in Ridgefield Park, New Jersey and recorded a gain on the disposal of the office property of approximately $4.4 million. The Company has presented this property as discontinued operations in its statement of operations for all periods presented.</font></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property, net, for the years ended December 31, 2010, 2009 and 2008: <font style="font-style: italic; display: inline;" class="_mt">(dollars in thousands)</font></font></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
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<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td valign="top" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="31%" colspan="3">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Years Ended December 31,</font></div></td></tr>
<tr><td style="border-bottom: black 2px solid;" valign="top" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.6pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2010 </font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2009</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2008</font></div></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total revenues</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 2,255</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 5,601</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 5,189</font></div></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Operating and other expenses</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,173)</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2,603)</font></div></td>
<td style="text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2,826)</font></div></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Depreciation and amortization</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(409)</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,811)</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,678)</font></div></td></tr>
<tr><td style="border-bottom: black 2px solid;" valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Interest expense (net of interest income)</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(431)</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,204)</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,196)</font></div></td></tr>
<tr><td valign="top" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Income from discontinued operations before</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">gains (losses) and unrealized losses on</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">disposition of rental property</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">242</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(17)</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(511)</font></div></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Impairment charge on rental property</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(16,563)</font></div></td>
<td valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td></tr>
<tr><td valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Realized gains (losses) and unrealized losses on</font></div></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td style="border-bottom: black 2px solid;" valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">disposition of rental property, net</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,447</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></div></td></tr>
<tr><td valign="top" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td style="border-bottom: black 3px double;" valign="top" width="36%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total discontinued operations, net</font></div></td>
<td style="border-bottom: black 3px double;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double; text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ 4,689</font></div></td>
<td style="border-bottom: black 3px double;" valign="top" width="10%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.3pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$(16,580)</font></div></td>
<td style="border-bottom: black 3px double; text-align: right;" valign="top" width="10%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$ (511)</font></div></td></tr></table></div></div> </div>7.
DISCONTINUED OPERATIONS
On June 1, 2010, the Company disposed of its 150,050 square foot office property located at 105 Challenger Road infalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringDescribes an entity's accounting policy for any discontinued operations. The results of operations of a component of an entity that either has been disposed of or is classified as held for sale shall be reported in discontinued operations if both: (a) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (b) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. If the entity elects to allocate interest expense to a discontinued operation, it should disclose its accounting policy for this election and describe its method of allocation.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-13
-Paragraph 17
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-24
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 41, 42, 43, 44
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