Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.3.0.15
Discontinued Operations
9 Months Ended
Sep. 30, 2011
Discontinued Operations [Abstract]  
Discontinued Operations
5.

DISCONTINUED OPERATIONS

In April and May 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. The operations of the ten facilities sold in 2010 and the 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 nine months ended September 30, 2010. The following is a summary of the amounts reported as discontinued operations:

 

     Jan. 1, 2010  
         to  
(dollars in thousands)    Sep. 30, 2010  

Total revenue

     $    1,404       

Property operations and maintenance expense

     (487)      

Real estate tax expense

     (82)      

Depreciation and amortization expense

     (217)      

Net gain on sale of property

     6,944       
  

 

 

 

Total income from discontinued operations

     $    7,562