Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations

Discontinued Operations

14.   Discontinued Operations

Operations from nine properties were classified as held for sale at June 30, 2014.  We do not depreciate properties that are classified as held for sale.  The results of operations for eight of these properties that have not previously been classified as held for sale are included in income from continuing operations, and the results of operations of the one remaining property that was classified as held for sale as of December 31, 2013 have been reclassified to discontinued operations on our consolidated statement of income for the three and six months ended June 30, 2014.

No debt was assumed by buyers of our properties, or repaid as a result of our property sales, and we do not allocate interest expense to discontinued operations related to real estate held for investment.

The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):

	Three months ended						Six months ended
	June 30,						June 30,
Income from discontinued operations	2014			2013			2014			2013
Gain on sales of real estate	$	-		$	5,744		$	2,607		$	44,304
Rental revenue	33			1,322			97			4,110
Tenant reimbursements	(2		)	67			-			99
Other revenue	6			397			13			408
Depreciation and amortization	-			(615		)	-			(1,110		)
Property expenses (including reimbursable)	(17		)	(98		)	(118		)	(638		)
Provisions for impairment	-			(2,206		)	-			(2,662		)
Crest’s income (loss) from discontinued operations	-			(39		)	498			(79		)
Income from discontinued operations	$	20		$	4,572		$	3,097		$	44,432
Per common share, basic and diluted	$	0.00		$	0.02		$	0.01		$	0.24