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DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2012

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Summary of income from discontinued operations

		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

Avon Street Apartments

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Summary of realized gain and loss on sale of rental property held for sale

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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