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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2012
DISCONTINUED OPERATIONS  
Discontinued Operations

NOTE 10.      DISCONTINUED OPERATIONS

 

The Company applies the provisions of ASC Topic 360, “Property, Plant and Equipment.” ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

 

Discontinued operations relates to properties that were either sold or repositioned as held-for-sale as of the year ended 2012, 2011 and 2010. There were no properties sold in 2012. In 2011, we sold 13.0 acres of land with a storage warehouse (Eagle Crest).  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,

 

 

 

2012

 

 

2011

 

 

2010

 

Revenue

 

 

 

 

 

 

 

 

 

     Rental

 

$

-

 

 

$

159

 

 

$

313

 

     Property operations

 

 

-

 

 

 

1,501

 

 

 

136

 

 

 

 

-

 

 

 

(1,342

)

 

 

177

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

     Interest

 

 

-

 

 

 

(85

)

 

 

(165

)

     General and administration

 

 

(106

)

 

 

-

 

 

 

-

 

 

 

 

(106

)

 

 

(85

)

 

 

(165

)

Net income (loss) from discontinued operations before gains on sale of real estate, taxes, fees and non-controlling interest

 

 

(106

)

 

 

(1,427

)

 

 

12

 

     Gain on sale of discontinued operations

 

 

-

 

 

 

947

 

 

 

-

 

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

 

 

(106

)

 

 

(480

)

 

 

12

 

     Income tax benefit (expense)

 

 

37

 

 

 

168

 

 

 

(4

)

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

 

$

(69

)

 

$

(312

)

 

$

8

 

 

The Company’s application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2012, 2011 and 2010 as income from discontinued operations. The application of ASC Topic 360 does not have an impact on net income available to common shareholders. ASC Topic 360 only impacts the presentation of these properties within the Consolidated Statements of Operations.