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Discontinued Operations
6 Months Ended
Jun. 30, 2011
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]  
Discontinued Operations

Note 12.        Discontinued Operations

 

From time to time, tenants may vacate space due to lease buy-outs, elections not to renew their leases, insolvency or lease rejection in the bankruptcy process. In these cases, we assess whether we can obtain the highest value from the property by re-leasing or selling it. In addition, in certain cases, we may try to sell a property that is occupied. When it is appropriate to do so under current accounting guidance for the disposal of long-lived assets, we classify the property as an asset held for sale on our consolidated balance sheet and the current and prior period results of operations of the property are reclassified as discontinued operations.

 

The results of operations for properties that are held for sale or have been sold are reflected in the consolidated financial statements as discontinued operations for all periods presented and are summarized as follows (in thousands):

 

  Three Months Ended June 30,  Six Months Ended June 30,
  2011 2010 2011 2010
Revenues $ 240 $ - $ 629 $ -
Expenses   (266)   -   (266)   -
Gain on sale of real estate  787   -   787   -
 Income from discontinued operations$ 761 $ - $ 1,150 $ -

In June 2011, we sold two Canadian properties for $19.8 million, net of selling costs, and recognized a net gain on the sale of $0.8 million. Amounts are based on the exchange rate of the Canadian dollar on the date of the sale.