Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.3.1.900
Discontinued Operations
 12 Months Ended
Dec. 31, 2015
Discontinued Operations [Abstract]  
Discontinued Operations

 

7.    DISCONTINUED OPERATIONS

 

On January 1, 2014, the Company early adopted the new discontinued operations accounting standard and as the properties disposed of during the year ended December 31, 2015 and 2014 did 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: Recent Transactions – Dispositions.

 

During the year ended December 31, 2013, 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.  The Company has presented these properties 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 year ended December 31, 2013: (dollars in thousands)

 

 

 

 

 

 

Total revenues

$

 33,601 

Operating and other expenses

 

 (13,454)

Depreciation and amortization

 

 (8,218)

Interest expense

 

 (118)

 

 

 

Income from discontinued operations

 

 11,811 

 

 

 

Loss from early extinguishment of debt

 

 (703)

Impairments (1)

 

 (23,851)

 

 

 

Realized gains on disposition of rental property

 

 83,371 

Realized gains (losses) and unrealized losses on

 

 

  disposition of rental property and impairments, net

 59,520 

 

 

 

Total discontinued operations, net

$

 70,628 

 

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