Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 6 Months Ended
Jun. 30, 2013
Discontinued Operations [Abstract]  
Discontinued Operations

7.    DISCONTINUED OPERATIONS

 

Property Sales

The Company sold eight office properties, aggregating 1.2 million square feet for total net sales proceeds of approximately $165.5 million during the six months ended June 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):

 

Held for Sale

The Company identified the following property as held for sale as of June 30, 2013 and presented its results as discontinued operations in its statements of operations for all periods presented (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of

Rentable

 

 

Gross

 

 

Accumulated

 

 

Net

Property

Location

Bldgs.

Square Feet

 

 

Book Value

 

 

Depreciation

 

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

106 Allen Road (a)

Bernards Township, New Jersey
1 
132,010 

 

$
17,895 

 

$
(5,044)

 

$
12,851 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) On July 10, 2013, the Company sold this property for approximately $18.0 million.

 

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, net, for the three and six month periods ended June 30, 2013 and 2012:  (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             Three Months Ended

 

             Six  Months Ended

 

 

June 30,

 

June 30,

 

 

 
2013 

 

 
2012 

 

 
2013 

 

 
2012 

Total revenues

 

$
2,742 

 

$
7,355 

 

$
7,804 

 

$
15,155 

Operating and other expenses

 

 
(1,109)

 

 
(2,766)

 

 
(3,428)

 

 
(5,930)

Depreciation and amortization

 

 
(234)

 

 
(1,678)

 

 
(974)

 

 
(3,716)

Interest expense (net of interest income)

 

 
(35)

 

 
(80)

 

 
(116)

 

 
(589)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 
1,364 

 

 
2,831 

 

 
3,286 

 

 
4,920 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from early extinguishment of debt

 

 
(703)

 

 

 -

 

 
(703)

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on disposition of rental property

 

 

 -

 

 
(1,634)

 

 

 -

 

 
(2,133)

Realized gains (losses) on

 

 

 

 

 

 

 

 

 

 

 

 

disposition of rental property, net

 

 
37,609 

 

 

 -

 

 
37,609 

 

 
4,511 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains (losses) and unrealized losses on

 

 

 

 

 

 

 

 

 

 

 

 

disposition of rental property, net

 

 
37,609 

 

 
(1,634)

 

 
37,609 

 

 
2,378 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total discontinued operations, net

 

$
38,270 

 

$
1,197 

 

$
40,192 

 

$
7,298