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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2011
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

NOTE 10.   DISCONTINUED OPERATIONS

 

IOT adopted ASC 360, “Property, Plant and Equipment”, which established a single accounting model for the impairment or disposal of long-lived assets, including discontinued operations. This statement requires that the operations related to properties that have been sold or properties that are intended to be sold be presented as discontinued operations in the statement of operations for all periods presented, and properties intended to be sold are to be designated as “held-for-sale” on the balance sheet.

 

The discontinued operations for the three years reported below consist of 13.0 acres of land with a storage warehouse, an office building and a shopping center. In 2011, we sold 13.0 acres of land with a storage warehouse (Eagle Crest). The office building and shopping center, 2010 Valley View and Parkway Centre, were sold in October 2009. The statements of operations for all prior periods presented have been restated to reflect the reclassification to discontinued operations. The results of operations from these properties are shown below (dollars in thousands):

 

 

 

For Years Ended December 31,

 

 

 

2011

 

 

2010

 

 

2009

 

Revenue

 

 

 

 

 

 

 

 

 

     Rental

 

$

159

 

 

$

313

 

 

$

1,210

 

     Property operations

 

 

1,518

 

 

 

147

 

 

 

703

 

 

 

 

(1,359

)

 

 

166

 

 

 

507

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

     Interest

 

 

(85

)

 

 

(165

)

 

 

(651

)

     General and administration

 

 

-

 

 

 

-

 

 

 

-

 

     Depreciation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(85

)

 

 

(165

)

 

 

(651

)

Net income (loss) from discontinued operations before gains on sale of

real estate, taxes, fees and non-controlling interest

 

 

(1,444

)

 

 

1

 

 

 

(145

)

     Gain on sale of discontinued operations

 

 

947

 

 

 

-

 

 

 

-

 

     Net income/sales fee to affiliate

 

 

-

 

 

 

-

 

 

 

-

 

Income (loss) from discontinued operations, net of non-controlling interest before tax

 

 

(497

)

 

 

1

 

 

 

(145

)

     Tax benefit (expense)

 

 

174

 

 

 

-

 

 

 

51

 

Income (loss) from discontinued operations, net of non-controlling interest

 

$

(323

)

 

$

1

 

 

$

(94

)