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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2013
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 2013, 2012 and 2011. There were no properties sold in 2013 or 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 and other property revenues |  | $ | - |  |  | $ | - |  |  | $ | 159 |
|  |  | - |  |  |  | - |  |  |  | 159 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Property operating expense |  |  |  |  |  |  | - |  |  |  | 27 |
Mortgage and loan interest expense |  |  | - |  |  |  | - |  |  |  | 84 |
General and administrative |  |  | 24 |  |  |  | 106 |  |  |  | 1 |
Provision on impairment of real estate assets |  |  |  |  |  |  | - |  |  |  | 1,474 |
Total operating expenses |  |  | 24 |  |  |  | 106 |  |  |  | 1,586 |
Loss from discontinued operations before gains on sale of real estate, taxes, and fees |  |  | (24 | ) |  |  | (106 | ) |  |  | (1,427 | )
Gain on sale of discontinued operations |  |  | - |  |  |  | - |  |  |  | 947 |
Loss from discontinued operations |  |  | (24 | ) |  |  | (106 | ) |  |  | (480 | )
Income tax benefit |  |  | 8 |  |  |  | 37 |  |  |  | 168 |
Net loss from discontinued operations |  | $ | (16 | ) |  | $ | (69 | ) |  | $ | (312 | )
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 2013, 2012 and 2011 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.

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- Definition Disclosure of accounting policy for any discontinued operations. The results of operations of a component of an entity that either has been disposed of or is classified as held for sale is reported in discontinued operations if both: (a) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (b) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. If the entity elects to allocate interest expense to a discontinued operation, it may disclose its accounting policy for this election and describe its method of allocation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-13 -Paragraph 17 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section S99 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6361211&loc=d3e7436-122677 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 41, 42, 43, 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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