Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

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Discontinued Operations
 12 Months Ended
Dec. 31, 2011
Discontinued Operations [Abstract]  
Discontinued Operations
7.  
DISCONTINUED OPERATIONS

The Company did not dispose of any properties during the year ended December 31, 2011.

The Company's office property located at 105 Challenger Road in Ridgefield Park, New Jersey, aggregating 150,050 square feet, was collateral for a $19.5 million mortgage loan scheduled to mature on June 6, 2010.  The Company had recorded an impairment charge on the property of $16.6 million at December 31, 2009.   On June 1, 2010, the Company transferred the deed for 105 Challenger to the lender in satisfaction of its obligations.  As a result, the Company recorded a gain on the disposal of the office property of approximately $4.4 million in 2010.  The Company has presented this property 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 years ended December 31, 2010 and 2009:  (dollars in thousands)

   
Years Ended December 31,
  
   
2010
    
2009
  
Total revenues
   $ 2,255     $ 5,601  
Operating and other expenses
     (1,173 )     (2,603 )
Depreciation and amortization
     (409 )     (1,811 )
Interest expense (net of interest income)
     (431 )     (1,204 )
                 
Income from discontinued operations before
                
gains (losses) and unrealized losses on
                
disposition of rental property
     242       (17 )
Impairment charge on rental property
     --       (16,563 )
Realized gains (losses) and unrealized losses on
                
disposition of rental property, net
     4,447       --  
                 
Total discontinued operations, net
   $ 4,689     $ (16,580 )