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Discontinued Operations
 3 Months Ended
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