Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

7.    DISCONTINUED OPERATIONS

 

The Company disposed of 24 office properties located in New York, New Jersey, Pennsylvania and Connecticut aggregating 3 million square feet and three developable land parcels for total net sales proceeds of approximately $390.6 million during the year ended December 31, 2013.  The Company has presented these properties as discontinued operations in its statements of operations for the three months ended March 31, 2013. 

 

The following table summarizes income from discontinued operations for the three months ended March 31, 2013: (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

 
2013 

Total revenues

 

$
14,871 

Operating and other expenses

 

 
(6,203)

Depreciation and amortization

 

 
(3,453)

Interest expense

 

 
(82)

 

 

 

 

Income from discontinued operations

 

 
5,133 

 

 

 

 

Total discontinued operations

 

$
5,133 

 

 

On January 1, 2014, the Company early adopted the new discontinued operations standard and as the agreement to sell its property located at 22 Sylvan Way in Parsippany, New Jersey will not represent a strategic shift, it has not been reflected as part of discontinued operations.  See Note 3: Real Estate Transactions – Rental Property Held for Sale.