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Discontinued Operations and Properties Held for Sale
 6 Months Ended
Jun. 30, 2012
Discontinued Operations and Properties Held for Sale  
Discontinued Operations and Properties Held for Sale

Note 7 - Discontinued Operations and Properties Held for Sale

 

During 2012, the Company sold to unrelated parties, a property located in Florida and leased to Office Depot and a vacant property located in New York. The total sales price aggregated $7,048,000, net of closing costs, and the Company realized an aggregate gain of $2,205,000.

 

On July 12, 2012, the Company agreed to sell a property in New York City for $18,250,000 and anticipates that this sale will be completed by September 30, 2012. The Company estimates that the gain for financial statement purposes will be approximately $15 million. At June 30, 2012, this property had a net book value of $2,732,000, including related assets of $88,000, and was deemed held for sale.

 

The net gain from the two sold properties and the operations of the three properties are included in discontinued operations. The net book value of the three properties, including related assets of $378,000, was $7,718,000 at December 31, 2011 and is included in properties held for sale on the accompanying consolidated balance sheet.

 

During 2011, the Company sold one 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 $932,000. This gain and the operations of this property are included in discontinued operations.

 

The following summarizes the components of income from discontinued operations (dollars in thousands):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

270

 

$

396

 

$

546

 

$

895

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

68

 

90

 

137

 

201

 

Real estate expenses

 

41

 

63

 

100

 

131

 

Interest expense

 

108

 

117

 

224

 

235

 

Total expenses

 

217

 

270

 

461

 

567

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

53

 

126

 

85

 

328

 

Net gain on sale

 

2,205

 

932

 

2,205

 

932

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

$

2,258

 

$

1,058

 

$

2,290

 

$

1,260