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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS
The Company regularly evaluates and may sell selected properties from its portfolio when it believes the value of an asset has been maximized and the full fair market value for the asset can be realized.
During 2014, the sale of Maui Mall, a retail property in Hawaii, was classified as discontinued operations.
During 2013, the sales of four industrial properties, three retail properties and two office buildings were classified as discontinued operations. Additionally, Maui Mall, a retail property on Maui, was sold in January 2014, but was classified as held for sale, as of December 31, 2013, in the consolidated balance sheets. The revenues, expenses and operating profit from Maui Mall were classified as discontinued operations for all periods presented.
During 2012, the sales of the Firestone Boulevard Building and Northpoint Industrial, two industrial properties in California, and two leased fee properties in Maui were classified as discontinued operations. Northpoint Industrial was sold in January 2013, but was classified as held for sale, as of December 31, 2012, in the consolidated balance sheets. The revenues, expenses and operating profit from Northpoint were classified as discontinued operations for all periods presented.
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.
The revenue, operating profit, income tax expense and after-tax effects of these transactions for 2014, 2013 and 2012 were as follows (in millions):
 
 
2014
 
2013
 
2012
Proceeds from the sale of income-producing properties
$
70.1

 
$
337.6

 
$
8.9

Real Estate Leasing revenue
$
0.3

 
$
31.6

 
$
36.4

 
 
 
 
 
 
Gain on sale of income-producing properties, net
$
55.9

 
$
22.1

 
$
4.0

Real Estate Leasing operating profit
0.3

 
14.6

 
17.1

Total operating profit before taxes
56.2

 
36.7

 
21.1

Income tax expense
21.9

 
14.4

 
8.3

Income from discontinued operations
$
34.3

 
$
22.3

 
$
12.8

Basic Earnings Per Share
$
0.70

 
$
0.50

 
$
0.30

Diluted Earnings Per Share
$
0.70

 
$
0.50

 
$
0.30