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Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations  
Discontinued Operations

9.                        Discontinued Operations

 

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.

 

During the three months ended September 30, 2013, the Company reached an agreement to sell an office property located in Richardson, Texas.  The property was classified as an asset held for sale at September 30, 2013 and is expected to be sold within one year in excess of its net book value.  The Company sold an office property located in Southfield, Michigan, on December 21, 2012.  Accordingly, both properties were classified as discontinued for all periods presented.

 

The operating results for discontinued operations are summarized below.

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

September 30,

 

September 30,

 

(in thousands)

 

2013

 

2012

 

2013

 

2012

 

Rental revenue

 

$

305

 

$

560

 

$

917

 

$

1,795

 

Rental operating expenses

 

—

 

(282

)

—

 

(889

)

Real estate taxes and insurance

 

(2

)

(73

)

(7

)

(278

)

Depreciation and amortization

 

(205

)

(374

)

(616

)

(1,191

)

Loss from discontinued operations

 

$

98

 

$

(169

)

$

294

 

$

(563

)