Gain on Sales of Investment Properties

9 Months Ended

Sep. 30, 2012

Gain on Sales of Investment Properties

Gain on Sales of Investment Properties

11.   Gain on Sales of Investment Properties

During the third quarter of 2012, we sold 11 investment properties for $15.8 million, which resulted in a gain of $2.0 million. During the first nine months of 2012, we sold 30 investment properties for $34.3 million, which resulted in a gain of $6.0 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.

In comparison, during the third quarter of 2011, we sold 12 investment properties for $7.3 million, which resulted in a gain of $3.1 million. During the first nine months of 2011, we sold 21 investment properties for $11.9 million, which resulted in a gain of $4.3 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented. Additionally, during the third quarter of 2011, we sold excess land from two properties for $108,000, which resulted in a gain of $55,000. During the first nine months of 2011, we sold excess land from four properties for $593,000, which resulted in a gain of $210,000. These gains are included in other revenue on our consolidated statements of income, for the three and nine months ended September 30, 2011, because this excess land was associated with properties that continue to be owned as part of our core operations.