Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

14. DISCONTINUED OPERATIONS

As described in Note 3, on March 7, 2012, the Company’s subsidiary sold the Cascades Multi-family units. As the Cascades Multi-family units represented a component of the Company’s business, the consolidated financial statements have been reclassified for all periods presented to appropriately reflect the discontinued operations of the Cascades Multi-family units and the continuing operations of the Company. Revenues, costs and expenses directly associated with the Cascades Multi-family units have been reclassified as discontinued operations in the consolidated statements of operations. Corporate expenses, such as general corporate overhead, have not been allocated to discontinued operations. The guidance in ASC 740-20-45-7 requires that the income recorded in discontinued operations be considered when determining the amount of benefit allocable to continuing operations in circumstances when continuing operations result in a net loss position for the period presented. Accordingly, the Company has allocated a tax benefit of $2.5 million to continuing operations and a tax expense of $2.5 million to discontinued operations for the year ended December 31, 2012. No tax benefit or expense in relation to discontinued operations was recorded for the year ended December 31, 2013.

Summarized financial information for the Cascades Multi-family units, is set forth below:

	Years Ended December 31,
	2013			2012
Revenue	$	—		$	171
Cost of sales		(1	)		128
Selling, general and administrative		5			9
Interest, real estate taxes and indirect costs related to inactive projects		—			154
Other (income) expenses, net		—			(22	)
Income (loss) from discontinued operations before gain on sale of real estate and income tax expense		(4	)		(98	)
Net (loss) gain on sale of real estate		—			6,466
Net (loss) income from discontinued operations before income tax expense		(4	)		6,368
Income tax expense		—			(2,484	)
Net (loss) income from discontinued operations	$	(4	)	$	3,884

Discontinued operations have not been segregated in the consolidated statement of cash flows. Therefore, amounts for certain captions will not agree with the respective data in the consolidated statement of operations.