Note 3 - Discontinued Operations

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

During 2014 and prior to the Company’s adoption of ASU 2014-08 on January 1, 2015, as further discussed in Note 2, operations of properties held-for-sale and assets sold during the period were classified as discontinued operations. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption “Discontinued operations”.  This reporting has resulted in certain reclassifications of 2014 financial statement amounts. Since adoption of ASU 2014-08 individual property dispositions will no longer qualify as a discontinued operation under the new guidance.

The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2015 and 2014 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and the operations for the applicable period for assets classified as held-for-sale as of December 31, 2014 (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2015		2014			2015			2014
Discontinued operations:
Revenues from rental property	$	-	$	14,566		$	124		$	65,594
Rental property expenses		-		(3,824	)		(49	)		(16,724	)
Depreciation and amortization		-		(3,488	)		-			(14,606	)
Provision for doubtful accounts, net		-		38			(57	)		(708	)
Interest expense, net		-		(330	)		-			(1,111	)
Other expense, net		-		116			(12	)		(18	)
Income from discontinued operating properties, before income taxes		-		7,078			6			32,427
Impairment of property carrying value, net, before income taxes		-		(4,490	)		(82	)		(78,645	)
Gain on disposition of operating properties, net, before income taxes		-		99,145			-			129,435
(Provision)/benefit for income taxes, net		-		(9,875	)		1			(8,536	)
Income/(loss) from discontinued operating properties		-		91,858			(75	)		74,681
Net income attributable to noncontrolling interests		-		2			-			(7,427	)
Income/(loss) from discontinued operations attributable to the Company	$	-	$	91,860		$	(75	)	$	67,254