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DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2014

The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues:
Rental and other property revenues	$	1,416		$	7,945		$	5,328		$	27,405
		1,416			7,945			5,328			27,405
Expenses:
Property operating expenses		326			3,729			2,201			12,237
Depreciation		155			1,251			664			4,300
General and administrative		65			254			378			803
Total operating expenses		546			5,234			3,243			17,340

Other income (expense):
Other income		(36	)		5			(522	)		35
Mortgage and loan interest		(351	)		(1,598	)		(1,431	)		(6,623	)
Deferred borrowing costs amortization		(6	)		(17	)		(336	)		(1,032	)
Loan charges and prepayment penalties		-			-			-			(3,245	)
Litigation settlement		-			(80	)		(250	)		(170	)
Total other expenses		(393	)		(1,690	)		(2,539	)		(11,035	)

Gain (loss) from discontinued operations before gain on sale of real estate and tax		477			1,021			(454	)		(970	)
Gain on sale of real estate from discontinued operations		1,769			127			14,826			25,429
Income tax expense		(786	)		(402	)		(5,030	)		(8,561	)
Income from discontinued operations	$	1,460		$	746		$	9,342		$	15,898