DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2013

Dispositions and Discontinued Operations [Abstract]

Income and expense relating to discontinued operations

The components of income and expense relating to discontinued operations for the years ended December 31, 2013 and 2012 are shown below.

	Years Ended December 31,
	2013		2012
Revenues from rental property	$	7,764,000	$	7,604,000
Rental property expenses		3,503,000		2,980,000
Depreciation and amortization		2,562,000		3,145,000
Transaction expenses		78,000		3,585,000
Interest expense		3,540,000		2,717,000
Operating loss from discontinued operations		(1,919,000)		(4,823,000)
Gain on disposal of real estate		4,815,000		110,000
Loss on extinguishment of debt		(5,404,000)		-
Loss from discontinued operations	$	(2,508,000)	$	(4,713,000)

Assets and liabilities held for sale and of discontinued operations

The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheets are as follows:

	December 31,
ASSETS	2013		2012
Investments in real estate
Land	$	5,449,000	$	10,760,000
Building and improvements		10,683,000		13,937,000
Tenant improvements		1,235,000		689,000
		17,367,000		25,386,000
Accumulated depreciation		(1,305,000)		(2,324,000)
Investments in real estate, net		16,062,000		23,062,000
Restricted cash		-		358,000
Prepaid expenses and other assets, net		-		37,000
Tenant receivables		84,000		261,000
Lease intangibles, net		4,744,000		1,955,000
Deferred financing fees, net		-		98,000
Assets held for sale	$	20,890,000	$	25,771,000
LIABILITIES
Notes payable	$	16,213,000	$	19,571,000
Accounts payable and accrued expenses		-		247,000
Other liabilities		165,000		235,000
Below market lease intangibles, net		3,609,000		1,224,000
Liabilities related to assets held for sale	$	19,987,000	$	21,277,000