XML 71 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Disposition of Real Estate and Discontinued Operations
 3 Months Ended
Mar. 31, 2015
Discontinued Operations And Disposal Groups [Abstract]  
Disposition of Real Estate and Discontinued Operations

12.

Disposition of Real Estate and Discontinued Operations

 

Disposition of Real Estate

 

During the first quarter of 2015, the Company sold nine properties for total proceeds of $103.4 million and recorded a net gain of $25.1 million.  These sales have not been classified as discontinued operations in the financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1).  

 

Discontinued Operations

The Company sold 35 properties in 2014 that are included in discontinued operations.  The following table provides a summary of revenues and expenses from properties included in discontinued operations prior to the newly-adopted guidance for reporting discontinued operations (Note 1) (in thousands):  

 

 

Three-Month Period

Ended March 31,

 

 

2014

 

Revenues

$

14,069

 

Expenses:

 

 

 

Operating expenses

 

4,048

 

Impairment charges

 

8,512

 

Interest, net

 

3,514

 

Depreciation and amortization

 

5,678

 

 

 

21,752

 

Loss from discontinued operations

 

(7,683

)

Gain on disposition of real estate, net of tax

 

10,695

 

Income from discontinued operations

$

3,012