Gain on Sales of Investment Properties

6 Months Ended

Jun. 30, 2013

Gain on Sales of Investment Properties

Gain on Sales of Investment Properties

14.   Gain on Sales of Investment Properties

During the second quarter of 2013, we sold 17 investment properties for $23.7 million, which resulted in a gain of $5.7 million.  During the first six months of 2013, we sold 34 investment properties for $83.7 million, which resulted in a gain of $44.3 million.  The results of operations for these properties have been reclassified as discontinued operations.

In comparison, during the second quarter of 2012, we sold 14 investment properties for $15.0 million, which resulted in a gain of $3.4 million.   During the first six months of 2012, we sold 19 investment properties for $18.6 million, which resulted in a gain of $4.0 million.  The results of operations for these properties have been reclassified as discontinued operations.