| Discontinued Operations |
7. DISCONTINUED OPERATIONS
The Company had the following properties identified as held for sale as of March 31, 2013 (dollars in thousands):
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# of
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Rentable
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Gross
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Accumulated
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Valuation
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Net
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Property
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Location
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Bldgs.
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Square Feet
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Book Value
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Depreciation
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Allowance
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Book Value
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19 Skyline Drive (a) (b)
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Hawthorne, New York
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1
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248,400
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$
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37,798
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$
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(14,713)
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$
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(7,080)
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$
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16,005
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55 Corporate Drive (a)
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Bridgewater, New Jersey
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1
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204,057
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48,256
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(2,060)
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-
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46,196
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51 Imclone Drive
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Branchburg, New Jersey
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1
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63,213
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5,375
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(398)
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-
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4,977
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16 Sentry Parkway West (c)
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Blue Bell, Pennsylvania
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1
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93,093
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14,781
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(5,654)
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-
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9,127
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18 Sentry Parkway West (c)
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Blue Bell, Pennsylvania
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1
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95,010
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15,713
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(6,041)
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-
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9,672
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777 Passaic Avenue
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Clifton, New Jersey
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1
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75,000
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7,346
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(3,779)
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-
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3,567
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200 Riser Road
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Little Ferry, New Jersey
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1
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286,628
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19,937
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(6,007)
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-
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13,930
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Total Office Properties Held for Sale
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7
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1,065,401
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$
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149,206
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$
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(38,652)
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$
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(7,080)
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$
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103,474
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(a) Property identified as held for sale as of December 31, 2012.
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(b) On April 10, 2013, the Company sold this property for approximately $16 million.
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(c) The Company recorded an impairment charge on these properties of a total of $8.4 million at December 31, 2012.
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The Company has presented all of the above properties as discontinued operations in its statements of operations for all periods presented.
As the Company disposed of 2200 Renaissance Boulevard in King of Prussia, Pennsylvania; 95 Chestnut Ridge Road in Montvale, New Jersey; and three office buildings in Moorestown, New Jersey during the year ended December 31, 2012, the Company has presented these assets as discontinued operations in its statements of operations for all periods presented.
The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property, net, for the three months ended March 31, 2013 and 2012: (dollars in thousands)
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Three Months Ended
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March 31,
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2013
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2012
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Total revenues
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$
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3,952
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$
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6,685
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Operating and other expenses
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(1,677)
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(2,541)
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Depreciation and amortization
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(297)
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(1,643)
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Interest expense (net of interest income)
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(81)
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(509)
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Income from discontinued operations
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1,897
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1,992
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Unrealized losses on disposition of rental property
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-
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(499)
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Realized gains (losses) on
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disposition of rental property, net
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-
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4,511
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Realized gains (losses) and unrealized losses on
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disposition of rental property, net
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-
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4,012
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Total discontinued operations, net
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$
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1,897
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$
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6,004
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