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Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

Note 5.  Discontinued Operations    

 

The Company separately reported as discontinued operations the historical operating results attributable to properties sold prior to January 1, 2014 and the applicable gain or loss on the disposition of the properties.  Although this application may affect the presentation prior to January 1, 2014 of the Company’s results of operations for the periods that it has already reported, there will be no effect on its previously reported consolidated financial position, net income (loss) or cash flows. 

 

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has adopted the provisions of ASU 2014-08 beginning with the interim period beginning January 1, 2014 and will apply the provisions prospectively.    

 

The following summarizes the condensed results of operations of the property sold in 2013 for the three months ended March 31, 2014 and 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

  Rental revenues

 

$

 -

 

$
361 

  Tenant expense reimbursements

 

 

 -

 

 
97 

  Property operating expenses

 

 

 -

 

 
(147)

  Depreciation and amortization

 

 

 -

 

 
(101)

  Income from discontinued operations

 

$

 -

 

$
210