Accounting for the Impairment or Disposal of Long-Lived Assets

3 Months Ended

Mar. 31, 2013

Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract]

Accounting for the Impairment or Disposal of Long-Lived Assets

Accounting for the Impairment or Disposal of Long-Lived Assets

The operating results and gain on disposition of real estate for properties sold and held for sale are reflected in the consolidated statements of comprehensive income as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. There were $74.7 million proceeds from dispositions of operating properties for the three months ended March 31, 2013 as compared to $6.5 million for the same period in 2012.

Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands):

	For the Three Months Ended
	March 31, 2013			March 31, 2012
Revenues	$	1,634		$	12,404
Operating expenses	(179		)	(4,686		)
Interest and other income	—			29
Interest expense	(148		)	(2,711		)
Depreciation and amortization	(427		)	(713		)
Income before gain on property dispositions	880			4,323
Gain on property dispositions	41,713			1,064
Income from discontinued operations	$	42,593		$	5,387

One property totaling 86,000 square feet in the Company’s South reportable segment was considered held for sale as of March 31, 2013. This property was sold subsequent to March 31, 2013 for proceeds of $11.0 million.

Interest expense is allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt.