EQUITY RESIDENTIAL | 2013 | FY | 3

11.
Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any.
The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2013, 2012 and 2011 (amounts in thousands).

 
Year Ended December 31,
 
2013
 
2012
 
2011
REVENUES
 

 
 

 
 

Rental income
$
121,942

 
$
445,832

 
$
560,399

Total revenues
121,942

 
445,832

 
560,399

 
 
 
 
 
 
EXPENSES (1)
 

 
 

 
 

Property and maintenance
36,792

 
103,371

 
160,315

Real estate taxes and insurance
11,903

 
41,208

 
50,173

Property management
1

 
211

 
266

Depreciation
34,380

 
124,323

 
157,441

General and administrative
85

 
92

 
55

Total expenses
83,161

 
269,205

 
368,250

 
 
 
 
 
 
Discontinued operating income
38,781

 
176,627

 
192,149

 
 
 
 
 
 
Interest and other income
217

 
156

 
198

Other expenses
(3
)
 
(170
)
 
(421
)
Interest (2):
 

 
 

 
 

Expense incurred, net
(1,296
)
 
(3,811
)
 
(9,268
)
Amortization of deferred financing costs
(228
)
 
(140
)
 
(1,230
)
Income and other tax (expense) benefit
(449
)
 
(34
)
 
221

 
 
 
 
 
 
Discontinued operations
37,022

 
172,628

 
181,649

Net gain on sales of discontinued operations
2,036,505

 
548,278

 
826,489

 
 
 
 
 
 
Discontinued operations, net
$
2,073,527

 
$
720,906

 
$
1,008,138


(1)
Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.
(2)
Includes only interest expense specific to secured mortgage notes payable for properties sold.
For the properties sold during 2013, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2012 were $2.0 billion and $34.4 million, respectively.

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