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Discontinued Operations
 6 Months Ended
Jun. 30, 2012
Discontinued Operations.  
Discontinued Operations

8.      Discontinued Operations

 

In December 2011, the Company discontinued the activities of the investment banking segment.  The Company also classifies properties sold or held for sale as discontinued operations.

 

The Company sold an industrial property located in Savage, Maryland on June 24, 2011 and in 2010 reached an agreement to sell a commercial property, located in Falls Church, Virginia, which was sold on January 21, 2011.  Both properties were sold at gains and have been classified as discontinued for all periods presented.

 

The Company reports the results of operations of its properties either sold or held for sale as discontinued operations in its consolidated statements of income, which includes rental income, rental operating expenses, real estate taxes and insurance, depreciation and amortization.  In addition, in December 2011, the Company announced it would no longer sponsor the syndication of newly-formed Sponsored REITs and cash flows related to this activity will be eliminated from ongoing operations.  Accordingly, the Company reported the investment banking activities as discontinued operations in its consolidated statements of income, which includes syndication and transaction fee revenues, selling, general and administrative expenses, commission expenses, depreciation and amortization, interest income and income tax benefits.  There were no assets of the investment banking segment included in the consolidated balance sheets at June 30, 2012 and December 31, 2011, respectively.

 

The operating results for discontinued operations are summarized below. There were no amounts in discontinued operations for the six months ended June 30, 2012.

 

 

 

For the

 

For the

 

 

 

Three Months

 

Six Months

 

 

 

Ended

 

Ended

 

(in thousands)

 

June 30,

 

June 30,

 

 

 

2011

 

2011

 

Rental revenue

 

  $

159

 

  $

689

 

Related party revenue:

 

 

 

 

 

Syndication fees

 

2,973

 

3,490

 

Transaction fees

 

2,685

 

3,376

 

Rental operating expenses

 

(3

)

(5

)

Real estate taxes and insurance

 

(23

)

(56

)

Selling, general and administrative

 

(794

)

(1,518

)

Commissions

 

(1,556

)

(1,843

)

Depreciation and amortization

 

(74

)

(148

)

Interest income

 

4

 

5

 

Net income from discontinued operations

 

  $

3,371

 

  $

3,990