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Discontinued Operations | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | (12) 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 months ended March 31, 2019 and 2018 were as follows (in thousands):
|  | THREE MONTHS ENDED
|  | MARCH 31,
|  | 2019 |  | 2018
Lease revenue |  |  | 238 |  |  |  | 7,547 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 29 |  |  |  | 1,885 |
Operating expenses |  |  | 95 |  |  |  | 1,178 |
Property taxes |  |  | 20 |  |  |  | 798 |
Management company indirect |  |  | — |  |  |  | 178 |
Corporate expenses |  |  | — |  |  |  | 747 |
Total cost of operations |  |  | 144 |  |  |  | 4,786 |
Total operating profit |  |  | 94 |  |  |  | 2,761 |
Interest expense |  |  | — |  |  |  | (400 | )
Gain on sale of buildings |  |  | 23 |  |  |  | — |
Income before income taxes |  |  | 117 |  |  |  | 2,361 |
Provision for income taxes |  |  | 31 |  |  |  | 639 |
Income from discontinued operations |  |  | 86 |  |  |  | 1,722 |
Earnings per common share: |  |  |  |  |  |  |  |
Income from discontinued operations- |  |  |  |  |  |  |  |
Basic |  |  | 0.01 |  |  |  | 0.17 |
Diluted |  |  | 0.01 |  |  |  | 0.17 |
The components of the balance sheet are as follows (in thousands):
|  | March 31 |  | December 31
Assets: |  | 2019 |  | 2018
Real estate investments at cost: |  |  |  |  |  |  |
Land |  | $ | 546 |  |  |  | 546
Buildings and improvements |  |  | 3,315 |  |  |  | 3,315
Projects under construction |  |  | — |  |  |  | —
Total investments in properties |  |  | 3,861 |  |  |  | 3,861
Less accumulated depreciation and depletion |  |  | 2,396 |  |  |  | 2,374
Net investments in properties |  |  | 1,465 |  |  |  | 1,487
Accounts receivable, net |  |  | 811 |  |  |  | 910
Unrealized rents |  |  | 488 |  |  |  | 473
Deferred costs |  |  | 327 |  |  |  | 354
Assets of discontinued operations |  | $ | 3,091 |  |  |  | 3,224
Liabilities: |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 206 |  |  |  | 205
Deferred revenue |  |  | — |  |  |  | 45
Tenant security deposits |  |  | 37 |  |  |  | 38
Liabilities of discontinued operations |  | $ | 243 |  |  |  | 288

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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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