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Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

Note 4 – Discontinued Operations 

 

The following is a summary of the components of income (loss) from discontinued operations applicable to properties classified as such prior to the newly-adopted guidance for reporting discontinued operations (See Note 2 - Summary of Significant Accounting Policies):

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2014

 

2013

REVENUES

 

 

 

 

Rents

 

$            1,715,000 

 

$            2,920,000 

Expense recoveries and other

 
930,000 

 
846,000 

Total revenues

 
2,645,000 

 
3,766,000 

EXPENSES

 

 

 

 

Operating, maintenance and management

 
720,000 

 
1,685,000 

Real estate and other property-related taxes

 
481,000 

 
658,000 

Depreciation and amortization

 

 -

 
321,000 

Interest

 
414,000 

 
709,000 

Early extinguishment of debt costs, net

 
(13,000)

 
437,000 

Total expenses

 
1,602,000 

 
3,810,000 

 

 

 

 

 

INCOME (LOSS) FROM OPERATIONS

 
1,043,000 

 
(44,000)

 

 

 

 

 

IMPAIRMENT CHARGES, NET

 
(64,000)

 

 -

 

 

 

 

 

TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS

 

$               979,000 

 

$               (44,000)

 

 

On February 25, 2014, the Company sold Harbor Square (f/k/a Shore Mall), located in Egg Harbor, New Jersey, for a sales price of $25.0 million, which approximated its carrying value as of that date.

 

As of March 31, 2014, the Company was in the process of negotiating with the respective lenders to two of its properties (Gahanna Discount Drug Mart Plaza and McCormick Place) to convey the properties either through short sale, foreclosure, or deed-in-lieu of foreclosure processes (mortgage loans payable and accrued interest and real estate taxes aggregated $7.9 million at that date). In connection with these conveyances, each applicable subsidiary borrower has stopped paying monthly mortgage payments and is currently in default on these non-recourse mortgages. At the time of such conveyances, the Company would recognize gains (an aggregate of approximately $1.7 million as of March 31, 2014) based on the excess of the carrying amounts of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amounts of the properties.