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Discontinued Operations | 9 Months Ended
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Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | (13) Discontinued Operations. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three and nine-month periods ended September 30, 2018 and 2017 were as follows (in thousands):
|  | THREE MONTHS ENDED |  | NINE MONTHS ENDED
|  | SEPTEMBER 30, |  | SEPTEMBER 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 190 |  |  |  | 5,636 |  |  |  | 9,602 |  |  |  | 16,634 |
Revenue – reimbursements |  |  | 29 |  |  |  | 1,383 |  |  |  | 2,274 |  |  |  | 3,713 |
Total Revenues |  |  | 219 |  |  |  | 7,019 |  |  |  | 11,876 |  |  |  | 20,347 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 29 |  |  |  | 1,965 |  |  |  | 3,131 |  |  |  | 5,727 |
Operating expenses |  |  | 52 |  |  |  | 1,004 |  |  |  | 1,694 |  |  |  | 2,570 |
Property taxes |  |  | 19 |  |  |  | 754 |  |  |  | 1,266 |  |  |  | 2,208 |
Management company indirect |  |  | 370 |  |  |  | 209 |  |  |  | 1,360 |  |  |  | 542 |
Corporate expenses |  |  | 56 |  |  |  | — |  |  |  | 1,458 |  |  |  | — |
Total cost of operations |  |  | 526 |  |  |  | 3,932 |  |  |  | 8,909 |  |  |  | 11,047 |
Total operating profit (loss) |  |  | (307 | ) |  |  | 3,087 |  |  |  | 2,967 |  |  |  | 9,300 |
Interest expense |  |  | — |  |  |  | (468 | ) |  |  | (587 | ) |  |  | (1,087 | )
Gain on sale of buildings |  |  | 200 |  |  |  | — |  |  |  | 165,007 |  |  |  | — |
Income (loss) before income taxes |  |  | (107 | ) |  |  | 2,619 |  |  |  | 167,387 |  |  |  | 8,213 |
Provision for (benefit from) income taxes |  |  | (29 | ) |  |  | 1,034 |  |  |  | 45,278 |  |  |  | 3,244 |
Income (loss) from discontinued operations |  | $ | (78 | ) |  |  | 1,585 |  |  |  | 122,109 |  |  |  | 4,969 |
The components of the balance sheet are as follows (in thousands):
|  | September 30 |  | December 31 |
Assets: |  | 2018 |  | 2017 |
Real estate investments at cost: |  |  |  |  |  |  |  |
Land |  | $ | 546 |  |  |  | 40,465 |
Buildings and improvements |  |  | 3,315 |  |  |  | 186,657 |
Projects under construction |  |  | — |  |  |  | 6,617 |
Total investments in properties |  |  | 3,861 |  |  |  | 233,739 |
Less accumulated depreciation and depletion |  |  | 2,353 |  |  |  | 68,049 |
Net investments in properties |  |  | 1,508 |  |  |  | 165,690 |
Accounts receivable, net |  |  | 1,020 |  |  |  | 405 |
Unrealized rents |  |  | 284 |  |  |  | 4,088 |
Deferred costs |  |  | 382 |  |  |  | 6,509 |
Other assets |  |  | — |  |  |  | 2 |
Assets of discontinued operations |  | $ | 3,194 |  |  |  | 176,694 |
Liabilities: |  |  |  |  |  |  |  |
Secured notes payable, current portion |  | $ | — |  |  |  | 23,825 |
Secured notes payable, less current portion |  |  | — |  |  |  | 4,338 |
Accounts payable and accrued liabilities |  |  | 249 |  |  |  | 2,289 |
Deferred revenue |  |  | 59 |  |  |  | 967 |
Federal and state income taxes payable |  |  | 1,527 |  |  |  | — |
Tenant security deposits |  |  | 37 |  |  |  | 861 |
Liabilities of discontinued operations |  | $ | 1,872 |  |  |  | 32,280 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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