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Assets Held for Sale and Discontinued Operations | 12 Months Ended
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Dec. 31, 2011
Assets Held for Sale and Discontinued Operations [Abstract] |
Assets Held for Sale and Discontinued Operations |
8. | Assets Held for Sale and Discontinued Operations
Held for Sale At December 31, 2011 we had three land parcels and 35 operating properties that met the criteria as held for sale based on various transactions. As discussed in Note 4, all of the non-core assets and related liabilities associated with a pending sale transaction were held for sale as of December 31, 2010. A summary of the amounts included in Assets Held for Sale, at December 31, was as follows (in thousands):
|  | 2011 |  |  | 2010 |
Assets held for sale: |  |  |  |  |  |  |  |
Investments in properties |  | $ | 389,847 |  |  | $ | 531,691 |
Investments in and advances to unconsolidated investees |  |  | - |  |  |  | 20,624 |
Accounts receivable |  |  | - |  |  |  | 7,204 |
Notes receivable backed by real estate |  |  | - |  |  |  | 3,716 |
Other assets |  |  | 55,003 |  |  |  | 11,556 |
Total assets |  | $ | 444,850 |  |  | $ | 574,791 |
Liabilities related to assets held for sale: |  |  |  |  |  |  |  |
Assessment bonds payable |  | $ | - |  |  | $ | 3,884 |
Accounts payable, accrued expenses and other liabilities |  |  | 20,992 |  |  |  | 15,865 |
Total liabilities |  | $ | 20,992 |  |  | $ | 19,749 |
Discontinued Operations The operations of the properties held for sale and properties that were disposed of to third parties during a period, including related impairment charges discussed in Note 16, income tax expense and the aggregate net gains recognized upon disposition, are presented as Discontinued Operations in our Consolidated Statements of Operations for all periods presented. Interest expense is included in discontinued operations only if it is directly attributable to these operations or properties. Discontinued operations are summarized as follows for the years ended December 31 (in thousands):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 59,583 |  |  | $ | 180,629 |  |  | $ | 248,603 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Rental expenses |  |  | (12,564) |  |  |  | (48,568) |  |  |  | (70,289) |
Depreciation and amortization |  |  | (18,561) |  |  |  | (47,626) |  |  |  | (62,962) |
Interest Expense |  |  | (551) |  |  |  | - |  |  |  | (537) |
Total expenses |  |  | (31,676) |  |  |  | (96,194) |  |  |  | (133,788) |
Operating income |  |  | 27,907 |  |  |  | 84,435 |  |  |  | 114,815 |
Total other income (expense) |  |  | - |  |  |  | - |  |  |  | (432) |
Net loss attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | (144) |
Income attributable to disposed properties and assets held for sale |  |  | 27,907 |  |  |  | 84,435 |  |  |  | 114,239 |
Net gain related to sale of China operations |  |  | - |  |  |  | - |  |  |  | 3,315 |
Net gains on dispositions, net of related impairment charges |  |  | 61,830 |  |  |  | 238,302 |  |  |  | 261,464 |
Income tax on dispositions |  |  | (3,216) |  |  |  | (3,728) |  |  |  | - |
Total discontinued operations |  | $ | 86,521 |  |  | $ | 319,009 |  |  | $ | 379,018 |
The following information relates to properties disposed of during the years presented and recorded as discontinued operations, excluding the China operations and including minor adjustments to dispositions to third parties (dollars in thousands):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Number of properties |  |  | 94 |  |  |  | 205 |  |  |  | 140 |
Net proceeds from dispositions |  | $ | 931,443 |  |  | $ | 1,065,239 |  |  | $ | 845,186 |
Net gains from dispositions, net of related impairment charges and taxes |  | $ | 58,614 |  |  | $ | 234,574 |  |  | $ | 261,464 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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