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8. DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2014
Discontinued Operations Tables |
DISCONTINUED OPERATIONS |
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues |  | $ | (7 | ) |  | $ | 8,039 |  |  | $ | 1,251 |  |  | $ | 17,103 |
|  |  | (7 | ) |  |  | 8,039 |  |  |  | 1,251 |  |  |  | 17,103 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 221 |  |  |  | 3,374 |  |  |  | 1,208 |  |  |  | 7,891 |
Depreciation |  |  | 21 |  |  |  | 1,297 |  |  |  | 193 |  |  |  | 2,735 |
General and administrative |  |  | 140 |  |  |  | 271 |  |  |  | 305 |  |  |  | 540 |
Total operating expenses |  |  | 382 |  |  |  | 4,942 |  |  |  | 1,706 |  |  |  | 11,166 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income |  |  | (528 | ) |  |  | 20 |  |  |  | (491 | ) |  |  | 20 |
Mortgage and loan interest |  |  | (70 | ) |  |  | (2,047 | ) |  |  | (388 | ) |  |  | (4,326 | )
Deferred borrowing costs amortization |  |  | 3 |  |  |  | (993 | ) |  |  | (278 | ) |  |  | (1,012 | )
Loan charges and prepayment penalties |  |  | - |  |  |  | (3,200 | ) |  |  | - |  |  |  | (3,245 | )
Litigation settlement |  |  | (205 | ) |  |  | (45 | ) |  |  | (250 | ) |  |  | (90 | )
Total other expenses |  |  | (800 | ) |  |  | (6,265 | ) |  |  | (1,407 | ) |  |  | (8,653 | )
Loss from discontinued operations before gain on sale of real estate and tax |  |  | (1,189 | ) |  |  | (3,168 | ) |  |  | (1,862 | ) |  |  | (2,716 | )
Gain on sale of real estate from discontinued operations |  |  | 7,003 |  |  |  | 18,074 |  |  |  | 13,057 |  |  |  | 25,301 |
Income tax expense |  |  | (2,035 | ) |  |  | (5,217 | ) |  |  | (3,918 | ) |  |  | (7,905 | )
Income from discontinued operations |  | $ | 3,779 |  |  | $ | 9,689 |  |  | $ | 7,277 |  |  | $ | 14,680 |

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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