Gain on Sales of Investment Properties

6 Months Ended

Jun. 30, 2011

Gain on Sales of Investment Properties [Abstract]

Gain on Sales of Investment Properties

9.           Gain on Sales of Investment Properties

During the second quarter of 2011, we sold six investment properties for $3.3 million, which resulted in a gain of $1.1 million. During the first six months of 2011, we sold nine investment properties for $4.4 million, which resulted in a gain of $1.2 million. The results of operations for these properties have been reclassified as discontinued operations. Additionally, during the second quarter of 2011, we sold excess land from three properties for $675,000, which resulted in a gain of $155,000. This gain is included in "other revenue" on our consolidated statement of income for the three and six months ended June 30, 2011, because this excess land was associated with properties that continue to be owned as part of our core operations.

In comparison, during the second quarter of 2010, we sold seven investment properties and excess land from one property for a total of $6.0 million, which resulted in a gain of $1.7 million. During the first six months of 2010, we sold ten investment properties and excess land from one property for $7.8 million, which resulted in a gain of $2.4 million. The results of operations for these properties have been reclassified as discontinued operations.

During the first six months of 2011 and 2010, Crest did not sell any properties.