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Discontinued Operations
6 Months Ended
Jun. 30, 2011
Discontinued Operations
11.
Discontinued
Operations
During 2010, the Company sold two single tenant properties and entered into a lease termination agreement for one property.  The properties were located in Santa Barbara, California, Marion Oaks, Florida and Aventura, Florida.  Two of the properties were leased to Borders and one property was leased to Walgreens.  During the six months ended June 30, 2010, the Santa Barbara sale provided gross proceeds of approximately $9.8 million and a gain on sale of approximately $5.3 million.  In addition, in January 2011, the Company completed the sale of two Borders stores located in Tulsa, Oklahoma.  The net proceeds on the transaction amounted to approximately $6.5 million and there was no gain or loss on the sale as a $440,000 impairment charge was recorded in 2010 when the property was classified as held for sale.  The results of operations for these properties are presented as discontinued operations in the Company’s Consolidated Statements of Income.  The revenues for the properties were $542,373 and $1,267,195 for the three and six months ended June 30, 2010, respectively, and $-0- and $91,816 for the three and six months ended June 30, 2011, respectively.  The expenses for the properties were $197,671 and $415,612 for the three and six months ended June 30, 2010, respectively, and $-0- and $-0- for the three and six months ended June 30, 2011, respectively.