Discontinued Operations and Real Estate Held for Sale

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Real Estate Held for Sale

Discontinued Operations and Real Estate Held for Sale

12.          Discontinued Operations and Real Estate Held for Sale

As of December 31, 2012, we had one consolidated joint venture property classified as held for sale which was sold on April 5, 2013.

The following table summarizes the disposition of our properties during 2012 and 2013 ($ in millions).

Property Name	Date of Disposition	Contract Sales Price
Santa Clara 700/750 Joint Venture	May 18, 2012	$	47.8
Tanglewood at Voss	May 29, 2012	$	52.5
5000 S. Bowen Road	August 16, 2012	$	25.9
Bent Tree Green	October 16, 2012	$	12.0
Becket House	April 5, 2013	$	19.8
Rio Salado	May 28, 2013	$	9.3

We have classified the results of operations for these properties into discontinued operations in the condensed consolidated statements of operations for the six months ended June 30, 2013 and 2012 and summarized in the following table ($ in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2012		2013			2012
Revenues
Rental revenue	$	—		$	3,117	$	430		$	7,042
Expenses
Property operating expenses	(18		)	826		192			1,572
Bad debt expense	—			36		(111		)	57
Interest expense	—			1,780		634			3,610
Real estate taxes	5			442		9			1,100
Impairment charge	—			—		305			—
Property management fees	—			123		24			235
Asset management fees	—			150		16			364
Depreciation and amortization	—			940		—			2,401
Total expenses	(13		)	4,297		1,069			9,339
Realized loss on currency translation (1)	(3,624		)	—		(3,624		)	—
Gain on troubled debt restructuring (1)	8,132			—		8,132			—
Gain on sale of real estate property	—			4,126		—			4,126
Income from discontinued operations	$	4,521		$	2,946	$	3,869		$	1,829

(1) Due to the sale of Becket House on April 5, 2013, $3.6 million was reclassified from unrealized foreign currency translation loss in OCI to net loss and $8.1 million was recorded as a gain on troubled debt restructuring.

The major classes of Becket House assets and liabilities associated with the real estate held for sale net of impairment as of December 31, 2012 were as follows ($ in thousands):

	December 31, 2012
Leasehold interest	$	19,580
Lease intangibles, net	274
Assets associated with real estate held for sale	$	19,854
Notes payable	$	25,360
Accrued interest payable	3,567
Obligations associated with real estate held for sale	$	28,927