Property Dispositions and Assets Held for Sale

9 Months Ended

Sep. 30, 2011

Property Dispositions and Assets Held for Sale

Property Dispositions and Assets Held for Sale

4.  Property Dispositions and Assets Held for Sale

In May 2011, we sold our property located at 28 West 44th Street for $161.0 million. The property is approximately 359,000 square feet. We recognized a gain of $46.1 million on the sale.

At September 30, 2011, discontinued operations included the results of operations of real estate assets sold or held for sale prior to that date. This included 28 West 44th Street, which was sold in May 2011 and 19 West 44th Street, which was sold in September 2010.

The following table summarizes income from discontinued operations for the three and nine months ended September 30, 2011 and 2010, respectively (in thousands).

	Three MonthsEnded		Three Months Ended		Nine MonthsEnded		Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2011		2010		2011		2010
Revenues
Rental revenue	$	—	$	6,270	$	4,835	$	19,113
Escalation and reimbursement revenues	—		1,481		873		4,161
Other income	—		361		60		740
Total revenues	—		8,112		5,768		24,014
Operating expense	—		2,334		1,633		6,188
Real estate taxes	—		1,237		1,034		4,066
Interest expense, net of interest income	—		784		980		2,183
Amortization of deferred financing costs	—		220		147		661
Depreciation and amortization	—		1,326		676		4,385
Total expenses	—		5,901		4,470		17,483
Income from discontinued operations	$	—	$	2,211	$	1,298	$	6,531