Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

13. Discontinued Operations

During 2013 the Trust’s office properties located in Deer Valley, Arizona; Lisle, Illinois (701 Arboretum) and Andover, Massachusetts and its retail properties in Seabrook, Texas and Denton, Texas were sold and are included in discontinued operations for all periods presented. During 2014 the Trust’s residential property in Meriden, Connecticut and its office property in Chicago, Illinois (River City) were sold and are included in discontinued operations for all periods presented. The Trust’s two office properties located in Englewood, Colorado, which were under contract to be sold, were classified as held for sale at March 31, 2014 and are included in discontinued operations for all periods presented.

Assets held for sale at March 31, 2014 consist of land and building of $17,375,000, accrued rental income of $5,032,000, intangibles of $2,716,000 and other assets of $33,000. Liabilities of assets held for sale at March 31, 2014 consist of below market intangibles of $119,000 and accounts payable, accrued liabilities and other liabilities of $1,063,000.

Results for discontinued operations for the three months ended March 31, 2014 and 2013 are as follows (in thousands):

	For the Three Months Ended
	March 31, 2014			March 31, 2013
Revenues	$	1,981		$	3,400
Operating expenses		(1,330	)		(1,530	)
Interest expense		(446	)		(341	)
Depreciation and amortization		(525	)		(1,086	)
Gain on sale of assets		4,425			2,775
Income from discontinued operations	$	4,105		$	3,218