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Discontinued Operations | 6 Months Ended
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Jun. 30, 2012
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS For the three and six-month periods ended June 30, 2012, income from discontinued operations relates to the three properties that the Company sold during 2012, as well as 11 properties that were designated as held-for-sale as of June 30, 2012. The Company determined that 11 of its flex/office properties located in Exton, Pennsylvania met the criteria for assets held-for-sale pursuant to the related requirements provided for the classification as held for sale under the accounting standard for long lived assets. Accordingly, at June 30, 2012, these properties are required to be measured at the lower of their carrying value or the estimated fair value less costs to sell. No provision for impairment was recognized at June 30, 2012 as the estimated fair value of the properties less costs to sell were higher than their carrying value. The following table summarizes the revenue and expense information for properties classified as discontinued operations for the three and six-month periods ended June 30, 2012 (in thousands):
| Three-month period ended June 30, 2012 |  | Six-month period ended June 30, 2012
Revenue: |  |  |
Rents | $ | 2,003 |  |  | $ | 6,113 |
Tenant reimbursements | 343 |  |  | 758 |
Termination fees | — |  |  | 7 |
Other | 86 |  |  | 89 |
Total revenue | 2,432 |  |  | 6,967 |
Expenses: |  |  |
Property operating expenses | 594 |  |  | 1,701 |
Real estate taxes | 217 |  |  | 726 |
Depreciation and amortization | 840 |  |  | 2,744 |
Total operating expenses | 1,651 |  |  | 5,171 |
Other income (expense): |  |  |
Interest income | 2 |  |  | 2 |
Income from discontinued operations before gain on sale of interests in real estate | 783 |  |  | 1,798 |
Net gain on disposition of discontinued operations | 10,166 |  |  | 24,834 |
Income from discontinued operations | $ | 10,949 |  |  | $ | 26,632 |
The following table summarizes the balance sheet information for the 11 properties identified as held-for-sale at June 30, 2012 (in thousands):
|  | June 30,
|  | 2012
Real Estate Investments: |  |
Operating properties |  | $ | 52,990 |
Accumulated depreciation |  | (14,385 | )
|  | 38,605 |
Construction-in-progress |  | 36 |
|  | 38,641 |
Receivables |  | 1,374 |
Deferred costs, net |  | 1,137 |
Other assets |  | 298 |
Total assets held for sale |  | $ | 41,450 |
Liabilities held for sale |  | $ | 878 |
For the three and six-month periods ended June 30, 2011, income from discontinued operations relates to the seven properties that the Company sold from January 1, 2011 through June 30, 2012, as well as the 11 flex/office properties identified as held-for-sale at June 30, 2012. The following table summarizes the revenue and expense information for properties classified as discontinued operations for the three and six-month periods ended June 30, 2011 (in thousands):
| Three-month period ended June 30, 2011 |  | Six-month period ended June 30, 2011
Revenue: |  |  |  |
Rents | $ | 5,620 |  |  | $ | 11,292 |
Tenant reimbursements | 750 |  |  | 1,931 |
Other | 5 |  |  | 2 |
Total revenue | 6,375 |  |  | 13,225 |
Expenses: |  |  |
Property operating expenses | 1,581 |  |  | 3,639 |
Real estate taxes | 707 |  |  | 1,446 |
Depreciation and amortization | 2,344 |  |  | 4,561 |
Total operating expenses | 4,632 |  |  | 9,646 |
Income from discontinued operations before gain on sale of interests in real estate | 1,743 |  |  | 3,579 |
Net gain on disposition of discontinued operations | 3,836 |  |  | 3,836 |
Income from discontinued operations | $ | 5,579 |  |  | $ | 7,415 |
Discontinued operations have not been segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions will not agree with respective data in the consolidated statements of operations.

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- 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 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: 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 3: 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 4: 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 5: 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=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: 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 8: 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 9: 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 10: 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 + Details
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