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Note 3 - Discontinued Operations
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2014 (in thousands):


   

Three Months Ended
September 30,

   

Nine Months Ended
September 30,

 
   

2014

   

2013

   

2014

   

2013

 

Discontinued operations:

                               

Revenues from rental property

  $ 7,754     $ 26,127     $ 44,842     $ 81,429  

Rental property expenses

    (2,160 )     (8,994 )     (11,281 )     (25,854 )

Depreciation and amortization

    (1,430 )     (6,444 )     (8,491 )     (20,594 )

Provision for doubtful accounts, net

    128       (406 )     (191 )     (1,088 )

Interest income/(expense), net

    23       (42 )     (50 )     110  

Other expense, net

    (3 )     (112 )     (437 )     (448 )

Income from discontinued operating properties, before income taxes

    4,312       10,129       24,392       33,555  

Impairment of property carrying value, net, before income taxes

    (940 )     (26,957 )     (61,343 )     (83,267 )

Gain on disposition of operating properties, net, before income taxes

    99,144       23,400       129,435       27,764  

(Provision)/benefit for income taxes, net

    (9,761 )     (514 )     (8,578 )     14,313  

Income/(loss) from discontinued operating properties

    92,755       6,058       83,906       (7,635 )

Net loss/(income) attributable to noncontrolling interests

    4       2,779       (7,396 )     1,844  

Income/(loss) from discontinued operations attributable to the Company

  $ 92,759     $ 8,837     $ 76,510     $ (5,791 )

During the nine months ended September 30, 2014, the Company classified as held-for-sale 35 operating properties. The aggregate book value of these properties was $239.9 million, net of accumulated depreciation of $76.5 million.   The Company recognized impairment charges on 11 of these properties aggregating $56.2 million, of which $7.1 million related to three properties that were sold during the nine months ended September 30, 2014. The book value of the other 24 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 $316.5 million, was based upon executed contracts of sale with third parties (see Footnote 12).   The Company completed the sale of 15 held-for-sale operating properties during the nine months ended September 30, 2014 (these dispositions are included in Footnote 2 above).  At September 30, 2014, the Company had 20 operating properties classified as held-for-sale at a carrying amount of $95.2 million, net of accumulated depreciation of $43.4 million, which are included in Other assets on the Company’s Condensed Consolidated Balance Sheets.