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Discontinued Operations | 6 Months Ended
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Jun. 30, 2020
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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three and six months ended June 30, 2019 were as follows (in thousands):
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
|  | 2019 |  | 2019
Lease Revenue |  | $ | 222 |  |  |  | 460 |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 12 |  |  |  | 41 |
Operating expenses |  |  | 139 |  |  |  | 234 |
Property taxes |  |  | 26 |  |  |  | 46 |
Management company indirect |  |  | — |  |  |  | — |
Corporate expenses |  |  | — |  |  |  | — |
Total cost of operations |  |  | 177 |  |  |  | 321 |
Total operating profit |  |  | 45 |  |  |  | 139 |
Interest expense |  |  | — |  |  |  | — |
Gain on sale of buildings |  |  | 9,245 |  |  |  | 9,268 |
Income before income taxes |  |  | 9,290 |  |  |  | 9,407 |
Provision for income taxes |  |  | 2,514 |  |  |  | 2,545 |
Income from discontinued operations |  | $ | 6,776 |  |  |  | 6,862 |
Earnings per common share: |  |  |  |  |  |  |  |
Income from discontinued operations- |  |  |  |  |  |  |  |
Basic |  | $ | 0.68 |  |  |  | 0.69 |
Diluted |  | $ | 0.68 |  |  |  | 0.69 |

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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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