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Discontinued Operations and Property Held for Sale
 6 Months Ended
Jun. 30, 2011
Discontinued Operations and Property Held for Sale  
Discontinued Operations and Property Held for Sale

Note 7 - Discontinued Operations and Property Held for Sale

 

On May 20, 2011, the Company sold a property, leased to Office Depot and located in California, to an unrelated party for consideration of $11,544,000, net of closing costs, and realized a gain of approximately $932,000, which is included in net gain on sale in discontinued operations in the three and six months ended June 30, 2011. The net book value of the property, including related assets of $808,000, was $10,678,000 at December 31, 2010 and is included in property held for sale on the accompanying balance sheet.

 

The following is a summary of income from discontinued operations applicable to the property sold in May 2011 and the two properties sold in July 2010 and September 2010 (dollars in thousands):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

120

 

$

371

 

$

342

 

$

717

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

21

 

66

 

63

 

132

 

Real estate expenses

 

2

 

10

 

2

 

12

 

Interest expense

 

—

 

43

 

—

 

87

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

23

 

119

 

65

 

231

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

97

 

252

 

277

 

486

 

Net gain on sale

 

932

 

—

 

932

 

—

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

$

1,029

 

$

252

 

$

1,209

 

$

486