Note 8 - Real Estate Assets Held for Sale/Discontinued Operations

6 Months Ended

Jun. 30, 2012

Real Estate Disclosure [Text Block]

8.     Real Estate Assets Held for Sale/Discontinued Operations

The real estate sales provisions of the Property, Plant, and Equipment Topic of the FASB ASC 360 address financial accounting 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 is classified as discontinued operations in the condensed consolidated statements of operations. Prior period condensed consolidated statements of operations presented in this report have been reclassified to reflect the income or loss related to properties that were sold and properties that were under contract to be sold and presented as discontinued operations in 2012. All periods presented in this report will likely require further reclassification in future periods if there are properties held for sale or if property sales occur.

As of June 30, 2012, there were four vacant properties under contract to be sold or otherwise disposed of which would qualify as assets held for sale and presented as discontinued operations. In addition, the Company sold ten vacant properties in the first six months of 2012, which had previously been recorded as assets held for sale and qualified as discontinued operations. In the fourth quarter of 2011, the Company sold one vacant property which qualified as discontinued operations. Condensed results of operations for these properties for the three and six months ended June 30, 2012 and 2011, are as follows:

	Three Months Ended June 30,							Six Months Ended June 30,
	2012			2011				2012			2011
	(dollars in thousands)						(dollars in thousands)
	(unaudited)						(unaudited)
Operating revenues:
Rental income	$	7			-			$	14			-
Other income		2		$	53				5		$	152
Total operating revenues		9			53				19			152
Operating expenses:
Property operating, maintenance and real estate taxes		90			410				256			633
Depreciation and amortization		-			335				-			671
Total operating expenses		90			745				256			1,304
Net loss attributable to discontinued operations		(81	)		(692	)			(237	)		(1,152	)
Net gain from disposal of discontinued operations		7,989			-				13,508			-
Income (loss) from discontinued operations	$	7,908		$	(692	)		$	13,271		$	(1,152	)