XML 77 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Discontinued Operations
 12 Months Ended
Dec. 31, 2011
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]  
Discontinued Operations
Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any. Results are reflective of dispositions through March 31, 2012.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2011, 2010 and 2009 (amounts in thousands).

 
Year Ended December 31,
 
2011
 
2010
 
2009
REVENUES
 

 
 

 
 

Rental income
$
116,350

 
$
308,945

 
$
395,719

Total revenues
116,350

 
308,945

 
395,719

 
 
 
 
 
 
EXPENSES (1)
 

 
 

 
 

Property and maintenance
52,462

 
119,720

 
148,449

Real estate taxes and insurance
8,836

 
25,904

 
37,229

Depreciation
21,201

 
64,791

 
86,175

General and administrative
53

 
42

 
43

Total expenses
82,552

 
210,457

 
271,896

 
 
 
 
 
 
Discontinued operating income
33,798

 
98,488

 
123,823

 
 
 
 
 
 
Interest and other income
184

 
800

 
127

Other expenses
—

 
—

 
(11
)
Interest (2):
 

 
 

 
 

Expense incurred, net
(1,120
)
 
(12,584
)
 
(14,262
)
Amortization of deferred financing costs
(840
)
 
(292
)
 
(800
)
Income and other tax (expense) benefit
243

 
(86
)
 
1,073

 
 
 
 
 
 
Discontinued operations
32,265

 
86,326

 
109,950

Net gain on sales of discontinued operations
826,489

 
297,956

 
335,299

 
 
 
 
 
 
Discontinued operations, net
$
858,754

 
$
384,282

 
$
445,249


(1)
Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.
(2)
Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.
For the properties sold during 2011 and the first three months of 2012, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2010 were $732.0 million and $104.4 million, respectively.