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Assets Held for Sale and Discontinued Operations
 6 Months Ended
Jun. 30, 2012
Assets Held for Sale and Discontinued Operations [Abstract]  
Assets Held for Sale and Discontinued Operations
6.   Assets Held for Sale and Discontinued Operations

Held for Sale

As of June 30, 2012, we had land and five operating properties that met the criteria to be classified as held for sale. The amounts included in held for sale as of June 30, 2012 represent real estate investment balances and the related assets and liabilities for each property.

Discontinued Operations

During the six months ended June 30, 2012, we disposed of land subject to ground leases and 95 operating properties aggregating 11.9 million square feet to third parties. During all of 2011, we disposed of land subject to ground leases and 94 properties aggregating 10.7 million square feet to third parties.

The operations of the properties held for sale or disposed of to third parties and the aggregate net gains recognized upon their 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 properties.

Discontinued operations are summarized as follows (in thousands):

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  

Rental income

   $ 4,784     $ 18,613     $ 19,790     $ 39,345  

Rental expenses

     (2,484 )      (3,929 )      (5,855 )      (10,418 ) 

Depreciation and amortization expense

     (1,008 )      (5,157 )      (4,962 )      (9,366 ) 

Other expenses

     (95 )      (143 )      (160 )      (178 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Income attributable to disposed properties and assets held for sale

     1,197       9,384       8,813       19,383  

Net gains on dispositions

     9,874       10,834       21,123       14,710  

Impairment charges

             (2,659 )              (2,659 ) 

Income tax on dispositions

     —         —         —         (1,916 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total discontinued operations

   $ 11,071     $ 17,559     $ 29,936     $ 29,518  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

The following information relates to properties disposed of during the periods presented and recorded as discontinued operations, including adjustments to previous dispositions for actual versus estimated selling costs (dollars in thousands):

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  

Number of properties

     25       5       95       38  

Net proceeds from dispositions

   $ 161,577     $ 176,213     $ 848,542     $ 567,990  

Net gains from dispositions, net of taxes

   $ 9,874     $ 10,834     $ 21,123     $ 12,794