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Discontinued Operations
 12 Months Ended
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.