Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, excluding the Company’s office properties in Jersey City, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results are being classified as discontinued operations for all periods presented.
In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in the Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The last property in the Suburban Office Portfolio, a 350,000 square foot office property, was reclassified as held for sale at September 30, 2022, and the Company expects to dispose of this property in the fourth quarter of 2022. As a result of the sales contract in place, the Company determined that the carrying value of the held for sale property was not expected to be recovered from estimated net sales proceeds and accordingly, during the nine months ended September 30, 2022, recognized an unrealized held for sale loss allowance of $4.4 million.
The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Total revenues $ 1,410 $ 2,578 $ 4,421 $ 33,181
Operating and other expenses (265) (1,085) (997) (13,030)
Depreciation and amortization (99) (448) (790) (2,150)
Interest expense —  —  —  (1,570)
Income from discontinued operations 1,046 1,045 2,634 16,431
Unrealized gains (losses) on disposition of rental property (a) — 500 (4,440) 569
Realized gains (losses) on disposition of rental property — 109 — 24,900
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net — 609 (4,440) 25,469
Total discontinued operations, net $ 1,046 $ 1,654 $ (1,806) $ 41,900
(a)Represents valuation allowances and impairment charges on properties classified as discontinued operations.