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Discontinued Operations and Sale of Properties
 3 Months Ended
Mar. 31, 2014
Discontinued Operations and Sale of Properties  
Discontinued Operations and Sale of Properties

 

 

Note 7 - Discontinued Operations and Sale of Properties

 

On February 3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs.  At December 31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties.  The following table summarizes the components of income from discontinued operations applicable to these properties (amounts in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Rental income

 

$

141

 

$

240

 

 

 

 

 

 

 

Depreciation and amortization

 

—

 

36

 

Real estate expenses

 

17

 

1

 

Interest expense

 

111

 

67

 

Total expenses

 

128

 

104

 

 

 

 

 

 

 

Income from discontinued operations

 

$

13

 

$

136