Discontinued operations relates to properties (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued operations relates to properties

Discontinued operations relates to properties

The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Revenue
Rental and other property revenues	$	1,259		$	3,490		$	3,768		$	8,428
Other income		20			943			20			939
		1,279			4,433			3,788			9,367
Expenses
Property operating expense		246			2,179			1,652			5,471
Interest expense		265			(290	)		878			1,964
Loan cost amortization		3			9			4			14
Loan fee expense		-			-			-			848
General and administrative		306			362			526			551
Depreciation and amortization		183			554			512			1,323
Earnings from unconsolidated investees		-			(47	)		-			(47	)
	$	1,003		$	2,767		$	3,572		$	10,124
Income (loss) from discontinued operations before gains on sale of real estate, taxes, and fees		276			1,666			216			(757	)
Gain on sale of discontinued operations		18,074			4,668			25,301			8,256
Income from discontinued operations	$	18,350		$	6,334		$	25,517		$	7,499
Income tax expense		(6,423	)		(2,217	)		(8,931	)		(2,625	)
Net income from discontinued operations	$	11,927		$	4,117		$	16,586		$	4,874