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Discontinued Operations and Disposition of Real Estate and Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2012
Operating Results Relating to Assets Sold or Designated as Held for Sale

The operating results related to assets sold, designated as held for sale or deconsolidated as of December 31, 2012, is as follows (in thousands):

 

     For the Year Ended December 31,  
     2012     2011     2010  

Revenues

    $ 9,265     $ 48,987     $ 73,152  
  

 

 

    

 

 

    

 

 

  

Operating expenses

      4,186       19,735       32,488  

Impairment charges

      21,076       57,932       87,045  

Interest, net

      1,961       13,194       26,669  

Debt extinguishment costs, net

      —       7,191       409  

Depreciation and amortization

      2,305       14,404       24,323  
  

 

 

    

 

 

    

 

 

  
     29,528       112,456       170,934  
  

 

 

    

 

 

    

 

 

  

Loss from discontinued operations

      (20,263 )      (63,469 )      (97,782 ) 

Gain on deconsolidation of interests

      —       4,716       5,221  

Gain on disposition of real estate, net of tax

      3,847       40,163       5,775  
  

 

 

    

 

 

    

 

 

  

Loss from discontinued operations

    $ (16,416 )    $ (18,590 )    $ (86,786 ) 
  

 

 

    

 

 

    

 

 

  
Net Gains on Disposition of Real Estate and Real Estate Investments

The Company recorded net gains on disposition of real estate and real estate investments as follows (in millions):

 

     For the Year Ended December 31  
         2012              2011             2010      

Land sales(A)

    $ 5.6      $ (0.4 )    $ 1.0  

Previously deferred gains and other gains and losses on dispositions(B)

      0.3        7.5       0.3  
  

 

 

     

 

 

    

 

 

  
   $ 5.9      $ 7.1     $ 1.3  
  

 

 

     

 

 

    

 

 

  

 

(A) These dispositions did not meet the criteria for discontinued operations, as the land did not have any significant operations prior to disposition.

 

(B) These gains are a result of partial asset sales that did not meet the criteria for discontinued operations and assets that were contributed to joint ventures in prior years.