XML 59 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 3 - Discontinued Operations | 6 Months Ended
--- | ---
Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Discontinued Operations The Company reports as discontinued operations, properties held-for-sale as of the end of the current period and assets sold during the period. The results of these discontinued operations are included as a separate component of income on the Condensed Consolidated Statements of Income under the caption Discontinued operations. This reporting has resulted in certain reclassifications of 2013 financial statement amounts. The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2014 and 2013 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and 2013 and the operations for the applicable period for those assets classified as held-for-sale as of June 30, 2014 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from rental property |  | $ | 6,188 |  |  | $ | 21,607 |  |  | $ | 23,020 |  |  | $ | 40,841 |
Rental property expenses |  |  | (1,749 | ) |  |  | (6,563 | ) |  |  | (4,333 | ) |  |  | (12,322 | )
Depreciation and amortization |  |  | (1,667 | ) |  |  | (5,597 | ) |  |  | (3,649 | ) |  |  | (10,658 | )
Provision for doubtful accounts |  |  | (49 | ) |  |  | (262 | ) |  |  | (329 | ) |  |  | (603 | )
Interest (expense)/income, net |  |  | (36 | ) |  |  | 338 |  |  |  | (72 | ) |  |  | 173 |
Other expense, net |  |  | (141 | ) |  |  | (207 | ) |  |  | (456 | ) |  |  | (317 | )
Income from discontinued operating properties, before income taxes |  |  | 2,546 |  |  |  | 9,316 |  |  |  | 14,181 |  |  |  | 17,114 |
Impairment of property carrying value, net, before income taxes |  |  | (4,686 | ) |  |  | (53,478 | ) |  |  | (9,309 | ) |  |  | (56,310 | )
Gain on disposition of operating properties, net, before income taxes |  |  | 20,952 |  |  |  | 1,869 |  |  |  | 30,290 |  |  |  | 4,365 |
(Provision)/benefit for income taxes, net |  |  | (942 | ) |  |  | 14,886 |  |  |  | (564 | ) |  |  | 15,132 |
Income/(loss) from discontinued operating properties |  |  | 17,870 |  |  |  | (27,407 | ) |  |  | 34,598 |  |  |  | (19,699 | )
Net income attributable to noncontrolling interests |  |  | (802 | ) |  |  | (413 | ) |  |  | (7,399 | ) |  |  | (835 | )
Income/(loss) from discontinued operations attributable to the Company |  | $ | 17,068 |  |  | $ | (27,820 | ) |  | $ | 27,199 |  |  | $ | (20,534 | )
During the six months ended June 30, 2014, the Company classified as held-for-sale 15 operating properties. The aggregate book value of these properties was $144.7 million, net of accumulated depreciation of $32.6 million. The Company recognized impairment charges on four of these properties aggregating $7.1 million, of which $0.9 million related to a property that was sold during the six months ended June 30, 2014. The book value of the other properties did not exceed their estimated fair value, less costs to sell, and as such no impairment charges were recognized. The Company’s determination of the fair value of these properties, aggregating $197.0 million, was based upon executed contracts of sale with third parties (see Footnote 12). The Company completed the sale of two held-for-sale operating properties during the six months ended June 30, 2014 (these dispositions are included in Footnote 2 above). At June 30, 2014, the Company had 13 operating properties classified as held-for-sale at a carrying amount of $108.8 million, net of accumulated depreciation of $25.9 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets. Additionally, the Company reclassified $2.4 million in mortgage debt related to one of the properties classified as held-for-sale to Other liabilities on the Company’s Condensed Consolidated Balance Sheets.

X
- Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: 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 3: 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 4: 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 Reference 5: 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 6: 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 7: 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 8: 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 9: 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=8077374&loc=d3e2443-110228 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration