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DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

9 Months Ended

Sep. 30, 2012

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

NOTE 16. DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

The following tables summarize income from discontinued operations and realized gain and loss on the sale of rental property held for sale for the nine months ended September 30, 2012 and 2011:

		September  30,			September 30,
		2012			2011
Total Revenues		$	—		$	349,548
Operating and other expenses		—			235,441
Depreciation and amortization		—			32,540
		—			267,981
Income from discontinued operations		$	—		$	81,567

Gain on the sale of Avon Street in the second quarter of 2011:

Sale price		$	8,750,000
Net book value		(594,035		)
Expense of sale		(435,506		)
Gain on the sale of real estate		$	7,720,459

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The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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