Note 17 - Real Estate Asset Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2011

Note 17 - Real Estate Asset Held for Sale and Discontinued Operations Disclosure

Note 17 - Real Estate Asset Held for Sale and Discontinued Operations

17.     REAL ESTATE ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

The Company follows the accounting provisions and reporting for the impairment and disposal of long lived assets. In general, income or loss attributable to the operations and sale of property and the operations related to property held for sale are classified as discontinued operations in the consolidated statements of operations. Prior period consolidated statements of operations presented in this report have been reclassified to reflect the income or loss related to properties that were held for sale or sold and presented as discontinued operations for the years ended December 31, 2011, 2010 and 2009. Additionally, all periods presented in this report will likely require further reclassification in future periods if additional properties are held for sale or property sales occur.

In 2011, the Company sold one R&D property for a total sales price of approximately $7,320 resulting in a net gain of approximately $3,891.

In 2010, the Company sold one R&D property for a total sales price of approximately $14,123 resulting in a net gain of approximately $6,199.

As of December 31, 2011, there were 13 properties under contract to be sold which would qualify as assets held for sale.

Results of operations for these properties for the years ended December 31, 2011, 2010 and 2009 are as follows:

	Year Ended December 31,
	2011			2010			2009
	(dollars in thousands)
Revenues:
Rental income	$	26		$	715		$	1,063
Tenant reimbursements		(34	)		273			459
Other income		161			29			48
Total operating revenues		153			1,017			1,570
Expenses:
Property operating, maintenance and real estate taxes		1,030			1,558			1,751
Depreciation		1,004			1,629			1,682
Total operating expenses		2,034			3,187			3,433
Net loss attributable to discontinued operations		(1,881	)		(2,170	)		(1,863	)
Net gain on disposal of discontinued operations		3,891			6,199			-
Income (loss) from discontinued operations	$	2,010		$	4,029		$	(1,863	)