Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Condensed Income Statement [Table Text Block]

As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the quarters ended March 31, 2016 and 2015 (amounts in thousands):

	Quarter Ended March 31,
	2016			2015
REVENUES
Rental income	$	30,117		$	103,709
Total revenues	30,117			103,709
EXPENSES (1)
Property and maintenance	7,890			19,086
Real estate taxes and insurance	2,872			12,147
Property management	2			3
General and administrative	1			1
Depreciation	—			26,194
Total expenses	10,765			57,431
Operating income	19,352			46,278
Interest and other income	2			—
Interest (2):
Expense incurred, net	(328		)	(164		)
Amortization of deferred financing costs	(707		)	(24		)
Net gain on sales of real estate properties	3,161,221			—
Income from operations attributable to controlling interests – Operating Partnership	3,179,540			46,090
Income from operations attributable to Noncontrolling Interests – Operating Partnership	(122,132		)	(1,754		)
Income from operations attributable to controlling interests – Company	$	3,057,408		$	44,336

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

(2) Includes only interest expense specific to secured mortgage notes payable for properties held for sale which was repaid at or before closing.

Components of discontinued operations

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 quarters ended March 31, 2016 and 2015 (amounts in thousands).

	Quarter Ended March 31,
	2016			2015
REVENUES
Rental income	$	118		$	161
Total revenues	118			161
EXPENSES (1)
Property and maintenance	(3		)	(67		)
Real estate taxes and insurance	1			52
General and administrative	4			6
Total expenses	2			(9		)
Discontinued operating income	116			170
Other expenses	(280		)	—
Income and other tax (expense) benefit	(8		)	(15		)
Discontinued operations	(172		)	155
Net gain on sales of discontinued operations	15			—
Discontinued operations, net	$	(157	)	$	155

(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.