Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 6 Months Ended
Jun. 30, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

7.    DISCONTINUED OPERATIONS

 

On January 1, 2014, the Company early adopted the new discontinued operations standard and as the properties sold in the six months ended June 30, 2014 will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations.  See Note 3: Real Estate Transactions – Sales.

 

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 and six months ended June 30, 2013. 

 

 

The following table summarizes income from discontinued operations for the three and six months ended June 30, 2013: (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 
2013 

 

 
2013 

Total revenues

$
12,333 

 

$
27,205 

Operating and other expenses

 
(4,778)

 

 
(10,982)

Depreciation and amortization

 
(2,989)

 

 
(6,442)

Interest expense

 
(36)

 

 
(118)

 

 

 

 

 

 

Income from discontinued operations

 
4,530 

 

 
9,663 

 

 

 

 

 

 

Loss from early extinguishment of debt

 
(703)

 

 
(703)

Impairments (1)

 
(23,851)

 

 
(23,851)

 

 

 

 

 

 

Realized gains on disposition of rental property

 
37,609 

 

 
37,609 

Realized gains (losses) and unrealized losses on

 

 

 

 

 

 disposition of rental property and impairments, net
13,758 

 

 
13,758 

 

 

 

 

 

 

Total discontinued operations

$
17,585 

 

$
22,718 

 

(1)Represents impairment charges recorded on certain properties prior to their sale.