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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2014
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

 

18.  DISCONTINUED OPERATIONS

 

For the year ended December 31, 2014, discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage facilities that the Company sold in prior years.  For the years ended December 31, 2013 and 2012, discontinued operations relates to 35 facilities that the Company sold during 2013 and 26 facilities that the Company sold during 2012.  Each of the sales during 2013 and 2012 resulted in the recognition of a gain, which totaled $27.4 million and $9.8 million, respectively.

 

The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2014, 2013 and 2012 (in thousands):

 

 

 

For the year ended December 31,

 

 

 

2014

 

2013

 

2012

 

REVENUES

 

 

 

 

 

 

 

Rental income

 

$

—

 

$
10,795

 

$
21,077

 

Other property related income

 

—

 
1,583

 
2,703

 

Total revenues

 

—

 
12,378

 
23,780

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Property operating expenses

 
(336

)
5,318

 
10,742

 

Depreciation and amortization

 

—

 
2,703

 
5,548

 

Total operating expenses

 
(336

)
8,021

 
16,290

 

OPERATING INCOME

 
336

 
4,357

 
7,490

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest expense on loans

 

—

 
(212

)
(397

)

Gain from dispositions of discontinued operations

 

—

 
27,440

 
9,811

 

Income from discontinued operations

 

$
336

 

$
31,585

 

$
16,904