Discontinued Operations and Assets Held For Sale

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held For Sale

NOTE 10. — DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

We report as discontinued operations two properties which met the criteria to be accounted for as held for sale in accordance with GAAP as of June 30, 2014, and certain properties disposed of during the periods presented that were previously classified as held for sale as of June 30, 2014. All results of these discontinued operations are included in a separate component of income on the consolidated statements of operations under the caption discontinued operations. We elected to early adopt ASU 2014-08, Presentation of Financial Statements (Topic 205), effective July 1, 2014 and, as a result, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations as of June 30, 2014, are presented within income from continuing operations in our consolidated statements of income.

During the year ended December 31, 2016, we sold two properties resulting in a loss of $205,000 that were previously classified as held for sale as of June 30, 2014. In addition, during the year ended December 31, 2016, we sold 12 properties resulting in a recognized gain of $2,373,000 that did not meet the criteria to be classified as discontinued operations. We determined that the 12 properties sold did not represent a strategic shift in our operations as defined in ASU 2014-08 and, as a result, the gains on dispositions of real estate for the 12 properties were reflected in our earnings from continuing operations. We also received funds from property condemnations resulting in a gain of $177,000 and recognized the remaining deferred gain of $3,868,000 related to the Ramoco sale.

Real estate held for sale consisted of the following at December 31, 2016 and 2015:

(in thousands)	Year ended December 31,
	2016		2015
Land	$	117	$	603
Buildings and improvements		528		997
		645		1,600
Accumulated depreciation and amortization		—		(261	)
Real estate held for sale, net	$	645	$	1,339

The revenue from rental properties, impairment charges, other operating expenses and gains/losses from dispositions of real estate related to these properties are as follows:

	Year ended December 31,
(in thousands)	2016			2015			2014
Revenues from rental properties	$	5		$	164		$	2,372
Impairments		(5,926	)		(5,746	)		(8,596	)
Other operating income		2,456			2,283			242
(Loss) from operating activities		(3,465	)		(3,299	)		(5,982	)
(Loss) gains from dispositions of real estate		(205	)		339			8,995
(Loss) earnings from discontinued operations	$	(3,670	)	$	(2,960	)	$	3,013