Discontinued Operations

6 Months Ended

Jun. 30, 2012

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.

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 the six months and quarters ended June 30, 2012 and 2011 (amounts in thousands).

	Six Months Ended June 30,						Quarter Ended June 30,
	2012			2011			2012			2011
REVENUES
Rental income	$	10,131		$	105,762		$	3,198		$	41,757
Total revenues	10,131			105,762			3,198			41,757
EXPENSES (1)
Property and maintenance	3,197			49,951			1,376			22,471
Real estate taxes and insurance	920			7,581			325			2,887
Depreciation	2,027			19,039			660			7,115
General and administrative	40			47			36			36
Total expenses	6,184			76,618			2,397			32,509
Discontinued operating income	3,947			29,144			801			9,248
Interest and other income	43			101			18			96
Other expenses	—			—			—			4
Interest (2):
Expense incurred, net	(369		)	(1,209		)	(288		)	(605		)
Amortization of deferred financing costs	—			(647		)	—			(578		)
Income and other tax (expense) benefit	49			(62		)	129			(20		)
Discontinued operations	3,670			27,327			660			8,145
Net gain on sales of discontinued operations	204,053			682,236			71,097			558,482
Discontinued operations, net	$	207,723		$	709,563		$	71,757		$	566,627

(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 the six months ended June 30, 2012, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2011 were $130.6 million and $3.2 million, respectively.