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Discountinued Operations | 9 Months Ended
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Sep. 30, 2012
Discontinued operations |
DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock | 8. DISCO NTINUED OPERATIONS In the third quarter of 2012, our Board of Directors authorized us to actively market the Waterman Plaza, 7-Eleven and Casa Grande Apartments. In addition, in the normal course of the model home business, there are several model homes also actively being marketed for sale. The assets, liabilities and noncontrolling interests of these properties have been classified in their respective held for sale classifications on the condensed consolidated balance sheets as of September 30, 201 2 and December 31, 2011. The results of operations for these properties held for sale are presented in discontinued operations on the accompanying condensed consolidated statement of operations for the three and nine months ended September 30, 2012 and 2011. The following is a summary of the components of (loss) income from discontinued operations for the three and nine months ended September 30, 2012 and 2011:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011
Rental income and other income | $ | 257,255 |  | $ | 258,492 |  | $ | 770,863 |  | $ | 731,767
Rental operating costs |  | 68,573 |  |  | 72,704 |  |  | 211,898 |  |  | 211,641
Interest expense |  | 60,770 |  |  | 59,182 |  |  | 183,265 |  |  | 185,213
Depreciation and amortization |  | 41,687 |  |  | 59,079 |  |  | 164,285 |  |  | 177,261
Asset impairments |  | 358,000 |  |  | - |  |  | 358,000 |  |  | -
Noncontrolling interests share of earnings |  | 25,019 |  |  | 17,447 |  |  | 62,265 |  |  | 42,568
(Loss) income from discontinued operations | $ | (296,794) |  | $ | 50,080 |  | $ | (208,850) |  | $ | 115,084
Assets classified as held for sale are required to be carried at the lesser of the net book value of the property or the estimated fair value less selling costs, or net realizable value. Accordingly, we recorded an impairment charge of $358,000 in the quarter ended September 30, 2012. The following table presents balance sheet information for the properties classified as held for sale as of September 30, 2012 and December 31, 2011:
|  |  | September 30, |  |  | December 31,
|  |  | 2012 |  |  | 2011
Assets held for sale: |  |  |  |  |
Real estate assets and lease intangibles, net | $ | 10,790,139 |  | $ | 14,418,673
Cash and cash equivalents |  | 73,002 |  |  | 125,551
Other assets, net |  | 188,922 |  |  | 192,238
| Assets held for sale | $ | 11,052,063 |  | $ | 14,736,462
Liabilities related to assets held for sale:: |  |  |  |  |
| Mortgage notes payable | $ | 5,226,914 |  | $ | 6,271,008
| Accounts payable and accrued liabilities |  | 94,407 |  |  | 169,867
| Liabilities related to assets held for sale: | $ | 5,321,321 |  | $ | 6,440,875
Noncontrolling interests related to assets held for sale: |  |  |  |  |
| Noncontrolling interests related to assets held for sale | $ | 1,494,288 |  | $ | 1,671,598

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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