Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

7. Discontinued Operations

On March 31, 2011, the receiver completed the disposition of the High Point Complex in North Carolina. In connection therewith, the property and related debt were removed from our consolidated balance sheet and we recognized a net gain of $83,907,000 on the extinguishment of debt.

In the first half of 2011, we sold (i) 1140 Connecticut Avenue and 1227 25th Street for $127,000,000 in cash, which resulted in a $45,862,000 net gain,and (ii) threeretail properties in separate transactions for an aggregate of $40,990,000 in cash, which resulted in net gains aggregating $5,761,000.

The tables below set forth the assets and liabilities related to discontinued operations at June 30, 2011 and December 31,2010, and their combined results of operations for the three and six months ended June 30, 2011 and2010.

		Assets Related to				Liabilities Related to
(Amounts in thousands)		Discontinued Operations as of				Discontinued Operations as of
		June 30,		December 31,		June 30,		December 31,
		2011		2010		2011		2010
High Point		$	-	$	154,563	$	-	$	236,974
1227 25th Street			-		43,630		-		-
1140 Connecticut Avenue			-		36,271		-		18,948
Total		$	-	$	234,464	$	-	$	255,922
		For The Three Months				For The Six Months
(Amounts in thousands)		Ended June 30,				Ended June 30,
		2011		2010		2011		2010
Total revenues		$	-	$	12,116	$	5,987	$	23,137
Total expenses			-		15,797		6,744		26,332
			-		(3,681)		(757)		(3,195)
Net gain on extinguishment of High Point debt			-		-		83,907		-
Net gain on sale of 1140 Connecticut Avenue
	and 1227 25th Street		-		-		45,862		-
Net gain on sales of other real estate			458		-		5,761		-
Litigation loss accrual			-		-		-		(10,056)
Income (loss) from discontinued operations		$	458	$	(3,681)	$	134,773	$	(13,251)