Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations [Abstract]

Discontinued Operations

(7) Discontinued Operations.  In 2012, the revenues and expenses of Firestone Boulevard Building, an industrial property in California, have been classified as a discontinued operation. In 2011, the revenues and expenses of Arbor Park Shopping Center, a retail property in Texas, and Wakea Business Center II, a commercial facility on Maui, have been classified as discontinued operations.

The results of operations from these properties in prior periods were reclassified from continuing operations to discontinued operations to conform to the current period's accounting presentation. Consistent with the Company's intention to reinvest the sales proceeds into new investment property, the proceeds from the sales of property treated as discontinued operations were deposited in escrow accounts for tax-deferred reinvestment in accordance with Section 1031 of the Internal Revenue Code.

Income from discontinued operations consisted of the following (in millions):

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Proceeds from the Sale of Income-Producing Properties		--		22.4		8.9		36.6
Real Estate Leasing Revenue		--		0.9		0.1		2.1
Gain on Sale of Income-Producing Properties		--		8.7		3.9		15.3
Real Estate Leasing Operating Profit		--		0.6		--		1.4
Total Operating Profit Before Taxes		--		9.3		3.9		16.7
Income Tax Expense		--		3.7		1.5		6.7
Income from Discontinued Operations	$	--	$	5.6	$	2.4	$	10.0