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DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | 12 Months Ended
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Dec. 31, 2013
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS |
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | NOTE 4—DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS Discontinued operations include two properties sold in February 2014 that are considered as held-for-sale at December 31, 2013, as well as a total of six properties sold in 2012 and 2011. Real estate investments are classified as held-for-sale when management has determined that it has met the criteria established under GAAP. Real estate investments which are held for sale are not depreciated and their operations are included in a separate component of income on the consolidated statements of income under the caption Discontinued Operations. Sales of Properties During 2013, the Company entered into a contract to sell two properties located in Michigan which were sold on February 3, 2014 for a total sales price of $5,177,000, net of closing costs. The net book value of the two properties was $5,177,000 (after recording an impairment charge of $61,700, representing the loss on sale of the properties) and $5,364,000 at December 31, 2013 and 2012, respectively, and is included in properties held-for-sale on the accompanying balance sheets. The impairment charge is included in discontinued operations at December 31, 2013. During 2012, the Company sold two properties located in Florida and leased to Office Depot, two properties located in New York and a property located in Texas. The total sales prices aggregated $36,062,000, net of closing costs, and the Company realized aggregate gains of $19,413,000 which is included in net gain on sales in discontinued operations in the results of operations for 2012. During 2011, the Company sold a property, leased to Office Depot and located in California, for $11,544,000, net of closing costs, and realized a gain of approximately $932,000, which is included in net gain on sales in discontinued operations in the results of operations for 2011. The following summarizes the components of income from discontinued operations (amounts in thousands):
|  | Year Ended December 31, |
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|  | 2013 |  | 2012 |  | 2011 |
Rental income |  | $ | 973 |  | $ | 2,690 |  | $ | 3,377 |
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Depreciation and amortization |  |  | 125 |  |  | 402 |  |  | 647 |
Real estate expenses |  |  | 12 |  |  | 106 |  |  | 257 |
Interest expense |  |  | 259 |  |  | 615 |  |  | 773 |
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Total expenses |  |  | 396 |  |  | 1,123 |  |  | 1,677 |
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Income from operations |  |  | 577 |  |  | 1,567 |  |  | 1,700 |
Impairment charge |  |  | 62 |  |  | — |  |  | — |
Net gain on sales |  |  | — |  |  | 19,413 |  |  | 932 |
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Income from discontinued operations |  | $ | 515 |  | $ | 20,980 |  | $ | 2,632 |
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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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