Gain on Sales of Investment Properties

9 Months Ended

Sep. 30, 2013

Gain on Sales of Investment Properties

Gain on Sales of Investment Properties

14.   Gain on Sales of Investment Properties

During the third quarter of 2013, we sold 19 investment properties for $22.4 million, which resulted in a gain of $6.2 million.  During the first nine months of 2013, we sold 53 investment properties for

$106.1 million, which resulted in a gain of $50.5 million.  The results of operations for these properties have been reclassified as discontinued operations.

In comparison, 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.