Discontinued Operations

12 Months Ended

Dec. 31, 2017

14. Discontinued Operations

The Partnership sold its variable interests in Bent Tree and Fairmont Oaks, the Consolidated VIEs, in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation at the time they were disposed and have been classified as such in the Partnership’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented. There are no assets or liabilities related to discontinued operations at December 31, 2017 and 2016.

The following presents the revenues, expenses and income from discontinued operations for the year ended December 31, 2015:

	December 31, 2015
Rental revenues	$	2,952,383
Expenses		2,394,074
Net income from discontinued operations		558,309
Gain on sale of discontinued operations		3,163,088
Net income from discontinued operations	$	3,721,397

Depreciation and amortization expense related to discontinued operations was approximately $301,000 for the year ended December 31, 2015. Amortization of deferred financing costs related to discontinued operations was approximately $17,000 for the year ended December 31, 2015. Capital expenditures related to discontinued operations were approximately $201,000 for the year ended December 31, 2015.