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Discontinued Operations | 12 Months Ended
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Dec. 31, 2011
Discontinued Operations [Abstract] |
Discontinued Operations | NOTE 15. DISCONTINUED OPERATIONS The Company applies the provisions of ASC Topic 360 "Property, Plant and Equipment." ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions. Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the year ended 2011, 2010 and 2009. Income from discontinued operations relates to 21, 31, and 40 properties that were sold or repositioned in 2011, 2010 and 2009, respectively. The following table summarizes revenue and expense information for these properties sold and held for sale (dollars in thousands):
|  | For the Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Rental |  | $ | 25,209 |  |  | $ | 52,622 |  |  | $ | 75,171 |
Property operations |  |  | 17,632 |  |  |  | 35,403 |  |  |  | 45,241 |
|  |  | 7,577 |  |  |  | 17,219 |  |  |  | 29,930 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Other income |  |  | 49 |  |  |  | 3,697 |  |  |  | 705 |
Interest |  |  | (6,676 | ) |  |  | (17,657 | ) |  |  | (23,970 | )
General and administrative |  |  | (1,556 | ) |  |  | (482 | ) |  |  | (432 | )
Litigation settlement |  |  | — |  |  |  | (5 | ) |  |  | (407 | )
Depreciation |  |  | (3,876 | ) |  |  | (8,367 | ) |  |  | (11,674 | )
Provision for asset impairment |  |  | (881 | ) |  |  | (9,723 | ) |  |  | — |
|  |  | (12,940 | ) |  |  | (32,537 | ) |  |  | (35,778 | )
Net income (loss) from discontinued operations before gains on sale of real estate, taxes, and fees |  |  | (5,363 | ) |  |  | (15,318 | ) |  |  | (5,848 | )
Gain on sale of discontinued operations |  |  | 56,907 |  |  |  | 19,306 |  |  |  | 10,106 |
Income from discontinued operations before tax |  |  | 51,544 |  |  |  | 3,988 |  |  |  | 4,258 |
Tax expense |  |  | (18,040 | ) |  |  | (1,396 | ) |  |  | (1,490 | )
Income from discontinued operations |  | $ | 33,504 |  |  | $ | 2,592 |  |  | $ | 2,768 |
The Company's application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2011, 2010 and 2009 as income from discontinued operations. The application of ASC Topic 360 does not have an impact on net income available to common shareholders. ASC Topic 360 only impacts the presentation of these properties within 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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