Prologis, Inc. | 2013 | FY | 3


8. Assets Held for Sale and Discontinued Operations

We had three land parcels that met the criteria to be classified as held for sale at December 31, 2013, and five land parcels and one operating building that met the criteria to be classified as held for sale at December 31, 2012. The amounts included in held for sale as of December 31, 2013 and 2012, represented real estate investment balances and the related assets and liabilities for each property.

The operations of the properties held for sale or disposed of to third parties and the aggregate net gains or losses recognized upon their disposition are presented as Discontinued Operations in the Consolidated Statements of Operations for all periods presented. Interest expense is included in discontinued operations only if it is directly attributable to these properties.

Discontinued operations are summarized as follows for the years ended December 31 (in thousands):

 

      2013      2012      2011  

Rental income and recoveries

   $ 34,105       $ 128,162       $ 171,103   

Rental expenses

     (10,633)         (40,925)         (48,528)   

Depreciation and amortization

     (15,339)         (43,197)         (61,465)   

Interest expense

     (1,163)         (3,213)         (2,718)   
  

 

 

    

 

 

    

 

 

 

Income attributable to disposed properties and assets held for sale

     6,970         40,827         58,392   

Net gains on dispositions

     117,738         65,927         64,489   

Impairment charges

            (30,596)         (2,659)   

Income tax on dispositions

     (1,188)         (233)         (3,216)   
  

 

 

    

 

 

    

 

 

 

Total discontinued operations

   $         123,520       $         75,925       $         117,006   

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