Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Balance Sheets

BALANCE SHEETS	2014	2013
ASSETS
Cash	$ 104,126	$ 80,283
Property, net	1,231,700	1,238,087
Uncollected rental revenue	135,460	131,026
Prepaid advertising	7,226	7,516
Other assets	16,504	15,942
Discontinued operating assets	9,063	9,063
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$ 1,504,079	$ 1,481,936
LIABILITIES
Incentive management fee liability	26,428	35,538
Property management fee liability	10,331	8,759
Deferred income	22,495	32,196
Accrued expenses	7,294	4,025
Other liabilities	15,663	13,267
Discontinued operating liabilities	3,544	3,544
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	85,755	97,329
NET ASSETS OF DISCONTINUED OPERATIONS	$ 1,418,324	$ 1,384,607

Discontinued Operations

	For the year ended December 31,
	2014	2013
REVENUE	$2,308,870	$1,997,731
DEPRECIATION	6,387	11,141
OPERATING EXPENSES	858,831	890,084
GP’S INCENTIVE FEES	90,779	63,226
PROPERTY MANAGEMENT FEE	135,829	118,142
G&A EXPENSES	108,778	112,500
NET OPERATING INCOME FROM DISCONTINUED OPERATIONS	1,108,266	802,637
NET LOSS ON SALE OF DISCONTINUED OPERATIONS	(19)	(210)
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$1,108,247	$802,427