REAL ESTATE INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2015

Real Estate Investments, Net [Abstract]

On March 11, 2015, the Company sold the following three properties for the aggregate gross sales price of $53.6 million:

			Gross		Original
Property	Location	Acquisition Date	Sales Price		Purchase Price
Osceola Village	Kissimmee, Florida	10/11/2011	$	22,000,000	$	21,800,000
Constitution Trail	Normal, Illinois	10/21/2011		23,100,000		18,000,000
Aurora Commons	Aurora, Ohio	3/20/2012		8,500,000		7,000,000
Total			$	53,600,000	$	46,800,000

⁽¹⁾

The original purchase price for Osceola Village included an additional pad which was sold for $875,000 prior to this transaction.

Components Of Income And Expense Relating To Discontinued Operations

The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2014 are shown below.

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2014		2014
Revenues from rental property	$	2,000	$	61,000
Rental property expenses		(11,000)		76,000
Interest expense		-		12,000
Operating income (loss) from discontinued operations		13,000		(27,000)
Gain (loss) on impairment and disposal of real estate		(108,000)		3,084,000
Income (loss) from discontinued operations	$	(95,000)	$	3,057,000

Assets And Liabilities Held For Sale

The major classes of assets and liabilities related to assets held for sale included in the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 were as follows:

	September 30, 2015		December 31, 2014
ASSETS
Investments in real estate
Land	$	14,776,000	$	342,000
Building and improvements		26,717,000		-
Tenant improvements		2,774,000		-
		44,267,000		342,000
Accumulated depreciation		(5,288,000)		-
Investments in real estate, net		38,979,000		342,000
Prepaid expenses and other assets, net		104,000		-
Tenants receivables, net		776,000		-
Lease intangibles, net		3,879,000		-
Deferred financing costs, net		167,000		-
Assets held for sale	$	43,905,000	$	342,000
LIABILITIES
Notes payable		32,567,000		-
Below market lease intangibles, net		1,795,000		-
Other liabilities		153,000		-
Liabilities related to assets held for sale	$	34,515,000	$	-