XML 66 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
11.
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, for properties sold in 2013 and prior years. The amounts included in discontinued operations for the nine months and quarter ended September 30, 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the nine months and quarter ended September 30, 2014 met the new criteria for reporting discontinued operations. See Note 2 for further discussion.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during the nine months and quarters ended September 30, 2014 and 2013 (amounts in thousands).

    

 
 
Nine Months Ended September 30,
 
Quarter Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
REVENUES
 
 
 
 
 
 
 
 
Rental income
 
$
1,218

 
$
119,191

 
$
(57
)
 
$
11,235

Total revenues
 
1,218

 
119,191

 
(57
)
 
11,235

 
 
 
 
 
 
 
 
 
EXPENSES (1)
 
 
 
 
 
 
 
 
Property and maintenance
 
(125
)
 
35,571

 
(84
)
 
4,122

Real estate taxes and insurance
 
146

 
11,602

 
152

 
735

Property management
 
—

 
1

 
—

 
—

Depreciation
 
—

 
33,864

 
—

 
2,902

General and administrative
 
59

 
77

 
8

 
4

Total expenses
 
80

 
81,115

 
76

 
7,763

 
 
 
 
 
 
 
 
 
Discontinued operating income (loss)
 
1,138

 
38,076

 
(133
)
 
3,472

 
 
 
 
 
 
 
 
 
Interest and other income
 
152

 
156

 
72

 
66

Other expenses
 
—

 
(3
)
 
—

 
—

Interest (2):
 
 
 
 
 
 
 
 
Expense incurred, net
 
—

 
(1,276
)
 
—

 
(18
)
Amortization of deferred financing costs
 
—

 
(228
)
 
—

 
—

Income and other tax (expense) benefit
 
(13
)
 
(504
)
 
—

 
(41
)
 
 
 
 
 
 
 
 
 
Discontinued operations
 
1,277

 
36,221

 
(61
)
 
3,479

Net gain on sales of discontinued operations
 
223

 
1,990,577

 
(1
)
 
401,703

 
 
 
 
 
 
 
 
 
Discontinued operations, net
 
$
1,500

 
$
2,026,798

 
$
(62
)
 
$
405,182

 
(1)
Includes expenses paid in the current period for properties sold 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.