v2.4.0.6
Assets Held for Sale and Discontinued Operations
 12 Months Ended
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