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Discontinued Operations
 6 Months Ended
Jun. 30, 2015
Discontinued Operations [Abstract]  
Discontinued Operations

3. Discontinued Operations

 

During 2014 and prior to the Company’s adoption of ASU 2014-08 on January 1, 2015, as further discussed in Note 2, operations of properties held-for-sale and assets sold during the period were classified as discontinued operations. 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 2014 financial statement amounts. Since adoption of ASU 2014-08 individual property dispositions including dispositions during the current period will no longer qualify as a discontinued operation under the new guidance.

 

The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2015 and 2014 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2014 and the operations for the applicable period for assets classified as held-for-sale as of December 31, 2014 (in thousands):

 

  Three Months Ended
June 30,		  Six Months Ended
June 30,		 
  2015  2014  2015  2014 
Discontinued operations:            
Revenues from rental property $-  $20,478  $124  $51,028 
Rental property expenses  -   (5,961)  (49)  (12,900)
Depreciation and amortization  -   (5,513)  -   (11,119)
Provision for doubtful accounts, net  -   (209)  (57)  (746)
Interest expense, net  -   (388)  -   (781)
Other expense, net  -   52   (12)  (133)
Income from discontinued operating properties, before income taxes  -   8,459   6   25,349 
Impairment of property carrying value, net, before income taxes  -   (67,423)  (82)  (74,155)
Gain on disposition of operating properties, net, before income taxes  -   20,952   -   30,290 
Benefit for income taxes, net  -   584   1   1,339 
Loss from discontinued operating properties  -   (37,428)  (75)  (17,177)
Net income attributable to noncontrolling interests  -   (815)  -   (7,429)
Loss from discontinued operations attributable to the Company $-  $(38,423) $(75) $(24,606)