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ASSETS HELD FOR SALE | 9 Months Ended
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Sep. 30, 2018
Property, Plant and Equipment [Abstract] |
ASSETS HELD FOR SALE | NOTE 3. ASSETS HELD FOR SALE In March 2018, TCI and global diversified financial group Macquarie Group Limited (“Macquarie”) entered into an agreement to form a special purpose entity Victory Abode Apartment, LLC (“Joint Venture”) that will principally own and operate a portfolio of existing TCI Class A multi-family residential properties that are currently owned 100% by TCI subsidiaries, including the Company’s existing multi-family assets. The Joint Venture will also actively participate in the development and/or acquisitions of additional Class A multi-family assets. It is anticipated that the Company and Macquarie will each have a 49% ownership interest and a 50% voting interest in the Joint Venture. The remaining 2% ownership interest would be allotted to Daniel J. Moos, the current President and Chief Executive Officer of TCI and Abode Properties. The closing of the agreement is expected to occur in the fourth quarter of 2018. At September 30, 2018, $760.5 million were included in assets held for sale, consisting of $726.6 million related to the Joint Venture, $21.1 million related to Mercer Crossing properties (Note 2), and $11.8 million other. The following table presents income before tax associated with assets held for sale.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Revenues: |  |  |  |  |  |  |  |
Rental and other property revenues |  | $ | 22,371 |  |  | $ | 20,410 |  |  | $ | 65,056 |  |  | $ | 59,672 |
Total operating revenues |  |  | 22,371 |  |  |  | 20,410 |  |  |  | 65,056 |  |  |  | 59,672 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 9,953 |  |  |  | 9,190 |  |  |  | 29,250 |  |  |  | 26,964 |
Depreciation and amortization |  |  | 3,780 |  |  |  | 3,397 |  |  |  | 11,080 |  |  |  | 9,971 |
General and administrative |  |  | 6 |  |  |  | 12 |  |  |  | 276 |  |  |  | 389 |
Total operating expenses |  |  | 13,739 |  |  |  | 12,599 |  |  |  | 40,606 |  |  |  | 37,324 |
Operating Income |  |  | 8,632 |  |  |  | 7,811 |  |  |  | 24,450 |  |  |  | 22,348 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income from notes receivable |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | 6 |
Other income (loss) |  |  | 3 |  |  |  | (47 | ) |  |  | 267 |  |  |  | (70 | )
Mortgage and loan interest |  |  | (4,973 | ) |  |  | (4,401 | ) |  |  | (14,449 | ) |  |  | (12,738 | )
Loan fee expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (707 | )
Total other (expense) |  |  | (4,968 | ) |  |  | (4,445 | ) |  |  | (14,179 | ) |  |  | (13,509 | )
Net Income |  | $ | 3,664 |  |  | $ | 3,366 |  |  | $ | 10,271 |  |  | $ | 8,839 |

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- References No definition available. + Details
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + 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 + Details
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