Discontinued Operations and Properties Held for Sale

6 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Properties Held for Sale

Discontinued Operations and Properties Held for Sale

The Company separately classifies properties held for sale in the accompanying consolidated balance sheets and consolidated statements of operations. In the normal course of business, changes in the market may compel the Company to decide to classify a property as held for sale or reclassify a property that is designated as held for sale back to held for investment. In these situations, property is transferred to held for sale or back to held for investment at the lesser of fair value or depreciated cost. As of June 30, 2012 and December 31, 2011, the Company held two vacant properties which are classified as held for sale on the accompanying balance sheets and at June 30, 2012, are recorded at fair value less costs to sell the properties of $1.4 million. The operating loss for the two properties was $2,000 and an impairment loss on the value of the two properties was $0.1 million, for the three months ended June 30, 2012. The operating loss for the two properties was $15,000, and an impairment loss on the value of the two properties was $0.4 million for the six months ended June 30, 2012.