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Discontinued Operations and Property Held for Sale
9 Months Ended
Sep. 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 $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 nine months ended September 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
September 30,

 

Nine Months Ended
September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Rental income

 

$

—

 

$

304

 

$

342

 

$

1,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

—

 

51

 

63

 

183

 

Real estate expenses

 

—

 

(4

)

2

 

8

 

Interest expense

 

—

 

38

 

—

 

125

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

—

 

85

 

65

 

316

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

—

 

219

 

277

 

705

 

Net gain on sale

 

—

 

235

 

932

 

235

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

$

—

 

$

454

 

$

1,209

 

$

940