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DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2015
DISCONTINUED OPERATIONS  
Discontinued Operations

NOTE 7. DISCONTINUED OPERATIONS

 

We apply the provisions of ASC Topic 360, “Property, Plant and Equipment”, which 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 period ended March 31, 2015.  There were no properties sold in 2015 or 2014.  The gain on sale of the properties, if applicable, is also included in discontinued operations for those years.

 

Our application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2015 as income from discontinued operations if any. This does not have an impact on net income available to common shareholders and only impacts the presentation of these properties within the Consolidated Statements of Operations.