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Dispositions and Discontinued Operations
 12 Months Ended
Dec. 31, 2015
Dispositions of properties  
Dispositions and Discontinued Operations

10.   Dispositions and Discontinued Operations

 

Dispositions of Property

 

The Company sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, sold an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain, sold an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain and sold an office property located in San Jose, California on December 9, 2015 at a $12.3 million gain.  The Company sold an office property located in Colorado Springs, Colorado on December 3, 2014 at a $0.9 million gain.  The disposal of these properties did not represent a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the properties remain classified within continuing operations for all periods presented. 

 

All property dispositions prior to 2014 have been classified as discontinued operations.  The Company reports the results of operations of its properties classified as discontinued operations in its consolidated statements of income, which includes rental income, rental operating expenses, real estate taxes and insurance, depreciation and amortization.    The Company sold an office property located in Richardson, Texas on October 29, 2013 at a $2.2 million gain.

The operating results for discontinued operations are summarized below.

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

 

 

December 31,

 

(in thousands)

    

2013

    

Rental revenue

 

$
991

 

Rental operating expenses

 

 

 —

 

Real estate taxes and insurance

 

 

 —

 

Depreciation and amortization

 

 
(616)

 

Net income (loss) from discontinued operations

 

$
375