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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2014

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

	For the Years Ended December 31,
	2014			2013			2012
Revenues:
Rental and other property revenues	$	5,612		$	34,922		$	43,589
		5,612			34,922			43,589
Expenses:
Property operating expenses		2,350			16,479			23,326
Depreciation		751			5,563			7,691
General and administrative		451			966			1,224
Provision on impairment of notes receivable and real estate assets		-			-			2,400
Total operating expenses	$	3,552		$	23,008		$	34,641

Other income (expense):
Other income (expense)		(507	)		45			7
Mortgage and loan interest		(1,743	)		(8,082	)		(12,737	)
Deferred borrowing costs amortization		(1,461	)		(3,015	)		(1,793	)
Loan charges and prepayment penalties		(1,656	)		(3,246	)		(3,472	)
Litigation settlement		(250	)		(250	)		(250	)
Total other expenses	$	(5,617	)	$	(14,548	)	$	(18,245	)

Loss from discontinued operations before gain on sale of real estate and taxes		(3,557	)		(2,634	)		(9,297	)
Gain on sale of real estate from discontinued operations		61,879			98,951			8,885
Income tax benefit (expense)		(20,413	)		(33,711	)		144
Income (loss) from discontinued operations	$	37,909		$	62,606		$	(268	)