Gain on Sales of Investment Properties

12 Months Ended

Dec. 31, 2013

Gain on Sales of Investment Properties

Gain on Sales of Investment Properties

15.        Gain on Sales of Investment Properties

During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million.  The results of operations for these properties have been reclassified as discontinued operations for all periods presented.

During 2012, we sold 44 investment properties for $50.6 million, which resulted in a gain of $9.9 million.  The results of operations for these properties have been reclassified as discontinued operations for all periods presented.

During 2011, we sold 26 investment properties for $22.0 million, which resulted in a gain of $5.2 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.  Additionally, we sold excess real estate from five properties for $2.1 million, which resulted in a gain of $540,000.  This gain is included in other revenue on our consolidated statement of income for 2011, because this excess real estate was associated with properties that continue to be owned as part of our core operations.

During 2013, Crest sold one property for $597,000, which resulted in no gain. The results of operations for this property have been reclassified as discontinued operations.  During 2012 and 2011, Crest did not sell any properties.