Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations [Abstract]  
Discontinued Operations

7.    DISCONTINUED OPERATIONS

 

The Company sold 24 office properties aggregating 3 million square feet and three developable land parcels for total net sales proceeds of approximately $390.6 million during the nine months ended September 30, 2013 and has presented them as discontinued operations in its statement of operations for all periods presented.   (See Note 3: Real Estate Transactions – Property Sales).

 

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 the results from 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 and impairments, net, for the three and nine month periods ended September 30, 2013 and 2012:  (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             Three Months Ended

 

             Nine  Months Ended

 

 

          September 30,

 

         September 30,

 

 

 
2013 

 

 
2012 

 

 
2013 

 

 
2012 

Total revenues

 

$
6,405 

 

$
17,376 

 

$
33,610 

 

$
51,790 

Operating and other expenses

 

 
(2,472)

 

 
(6,606)

 

 
(13,454)

 

 
(20,308)

Depreciation and amortization

 

 
(1,769)

 

 
(4,351)

 

 
(8,196)

 

 
(13,363)

Interest expense (net of interest income)

 

 

 -

 

 
(82)

 

 
(118)

 

 
(673)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 
2,164 

 

 
6,337 

 

 
11,842 

 

 
17,446 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from early extinguishment of debt

 

 

 -

 

 

 -

 

 
(703)

 

 

 -

Impairments

 

 

 -

 

 

 -

 

 
(23,851)

 

 

 -

Unrealized losses on disposition of rental property

 

 

 -

 

 

 -

 

 

 -

 

 
(2,134)

Realized gains on disposition of rental property

 

 
47,321 

 

 
12 

 

 
84,930 

 

 
4,524 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains (losses) and unrealized losses on

 

 

 

 

 

 

 

 

 

 

 

 

 disposition of rental property and impairments, net

 
47,321 

 

 
12 

 

 
61,079 

 

 
2,390 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total discontinued operations, net

 

$
49,485 

 

$
6,349 

 

$
72,218 

 

$
19,836