Discontinued Operations

3 Months Ended

Mar. 31, 2015

Note 4. Discontinued Operations

On February 2, 2015, the Company sold Huntingdon Plaza, located in Huntingdon, Pennsylvania, for $2.2 million. Upon the sale of Huntingdon Plaza, the Company currently has no other properties for which the results are classified as discontinued operations. The following is a summary of the components of income from discontinued operations:


	Three months ended March 31,
	2015	2014
REVENUES
Rents	$ 38,000	$ 1,547,000
Expense recoveries and other	1,000	733,000
Total revenues	39,000	2,280,000
EXPENSES
Operating, maintenance and management	20,000	578,000
Real estate and other property-related taxes	7,000	437,000
Interest	-	401,000
Total expenses	27,000	1,416,000

INCOME FROM OPERATIONS	12,000	864,000

IMPAIRMENT REVERSALS/(CHARGES), NET	153,000	(58,000)

TOTAL INCOME FROM DISCONTINUED OPERATIONS	$ 165,000	$ 806,000

- 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).

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+ Details