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Assets Held for Sale | 9 Months Ended
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Sep. 30, 2013
Assets Held for Sale [Abstract] |
Assets Held for Sale | 3) Assets Held for Sale The Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 presented approximately $17.1 million in book value of assets held for sale, consisting of $15.2 million related to Remington Village and $1.9 million related to the corporate aircraft and related facilities. These assets were sold during the nine months ended September 30, 2013. Remington Village Sale On September 11, 2013, the Company, through its wholly owned subsidiary Remington Village LLC, completed the sale of the Remington Village Apartment Complex in Gillette Wyoming (“Remington Village”) to an affiliate of the Miller Frishman Group, LLC for $15.0 million. The $9.5 million balance on the commercial note relating to Remington Village was paid in full at closing. After deduction of payment of the note, commission and other closing costs, the net proceeds to the Company were approximately $5.0 million. Upon closing this transaction, the assets and liabilities held for sale were reduced to $0 and we recorded a loss on the sale of discontinued of operations of $120,000. Because Remington Village has been classified as an asset held for sale, scheduled depreciation of $660,000 for the first nine months of 2013 and $560,000 for the first nine months of 2012 was not recorded. Corporate Aircraft and Related Facilities Sale On January 10, 2013, the Company sold the corporate aircraft for $1.9 million and the related facilities for $767,000.

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