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Property Acquisitions, Discontinued Operations, And Assets Held For Sale (Tables)

6 Months Ended

Jun. 30, 2012

Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]

Selected data regarding this acquisition is presented below (in millions):



Cash consideration	$	99.5
Fair value of our 20% ownership interest held before the acquisition	24.9
Debt assumed	272.6
Net other assets/liabilities acquired	1.1
Acquisition date fair value	$	398.1

Fair values of the assets acquired and liabilities assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisitions of the twelve joint ventures and one operating property described above as of the respective acquisition/consolidation dates (in millions):



Assets acquired:
	Buildings and improvements	$	353.9
	Land	108.7
	Cash	3.4
	Restricted cash	0.7
	Intangible and other assets	12.1
Total assets acquired		$	478.8

Liabilities assumed:
	Mortgage debt (1)	$	272.6
	Other liabilities	5.5
Total liabilities assumed		$	278.1
	Net assets acquired	$	200.7

(1) Mortgage debt assumed was subsequently repaid in January 2012 at face value.

Unaudited pro forma summary for consolidated information

The following unaudited pro forma summary presents consolidated information assuming the acquisitions/consolidation of the twelve former joint ventures and one operating property described above had occurred on January 1, 2011. The information for the three and six months ended June 30, 2012, includes pro forma results for the portion of the period prior to the respective acquisition/consolidation dates and actual results from the respective dates of acquisition/consolidation through the end of the period.



	Pro Forma Three Months Ended June 30,				Pro Forma Six Months Ended June 30,
(in thousands)	2012		2011		2012		2011
	(unaudited)
Property revenues	$	187,884	$	174,260	$	371,315	$	344,464
Property expenses	71,234		69,623		140,751		137,521
	$	116,650	$	104,637	$	230,564	$	206,943

Summary of income from discontinued operations

The following is a summary of income from discontinued operations for the three and six months ended June 30, 2012 and 2011:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2012		2011		2012		2011
Property revenues	$	—	$	3,704	$	1,209	$	7,249
Property expenses	—		1,832		670		3,614
	—		1,872		539		3,635
Depreciation and amortization	—		977		186		1,948
Income from discontinued operations	$	—	$	895	$	353	$	1,687

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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