Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
12 Months Ended
Dec. 31, 2011
Discontinued Operations [Abstract]  
Discontinued Operations

5. DISCONTINUED OPERATIONS

During 2010, the Company sold ten non-strategic storage facilities in Georgia, Michigan, North Carolina and Virginia for net proceeds of approximately $23.7 million resulting in a gain of $6.9 million. During 2009, the Company sold five non-strategic storage facilities in Massachusetts, North Carolina, and Pennsylvania for net cash proceeds of $16.3 million resulting in a loss of $1.6 million. The operations of these facilities and the loss or gain on sale are reported as discontinued operations. Cash flows of discontinued operations have not been segregated from the cash flows of continuing operations on the accompanying consolidated statement of cash flows for the years ended December 31, 2010 and 2009. The following is a summary of the amounts reported as discontinued operations:

 

     Year Ended December 31,  

(dollars in thousands)

   2011      2010     2009  

Total revenue

   $ —         $ 1,404     $ 6,158  

Property operations and maintenance expense

     —           (487 )     (1,872 )

Real estate tax expense

     —           (82 )     (494 )

Depreciation and amortization expense

     —           (217 )     (1,083 )

Net realized gain (loss) on sale of property

     —           6,944       (1,636 )
  

 

 

    

 

 

   

 

 

 

Total income from discontinued operations

   $ —         $ 7,562     $ 1,073  
  

 

 

    

 

 

   

 

 

 

Income from continuing operations attributable to common shareholders was $30.6 million, $33.2 million and $18.9 million in 2011, 2010 and 2009, respectively. Income from discontinued operations attributable to common shareholders was $0, $7.5 million and $1.1 million in 2011, 2010 and 2009, respectively.