Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4. Discontinued Operations

During the quarter ended March 31, 2012, the Company designated Hato Ray, Pres Matmor and PDL, Inc. as discontinued operations. All numbers have been adjusted retrospectively for the change.

The following table summarizes income for the property discontinued:

	Three Months Ended			Three Months Ended
	March 31,			March 31,
	2012			2011
Revenues:
Rental	$	951,918		$	951,236
Expenses:
General and administrative		3,633			55,918
Rental property:
Operating expenses		600,894			653,333
Interest and fees on mortgage debt		576,703			362,839
Real estate taxes		78,742			122,714
Total Expenses		1,259,972			1,194,804
Loss from discontinued operations	$	(308,054	)	$	(243,568	)

	March 31,			December 31,
	2012			2011
Assets related to discontinued operations:
Land	$	1,905,985		$	1,905,985
Buildings		13,829,390			13,829,390
Furniture and equipment		6,375			6,375
Less: accumulated depreciation		(2,087,424	)		(2,087,424	)
Net real estate		13,654,326			13,654,326
Other assets		679,476			737,974
Total assets related to discontinued operations	$	14,333,802		$	14,392,300
Liabilities related to discontinued operations:
Mortgage debt	$	14,484,138		$	14,484,138
Mortgage related interest and fees		1,650,109			1,431,672
Other liabilities		703,136			723,162
Total liabilities related to discontinued operations	$	16,837,383		$	16,638,972

During the quarter ended March 31, 2010, the Company designated its Mapletree Industrial Center in Palmer, Massachusetts as held for sale. As of November 8, 2011, the Company no longer considered Mapletree Industrial Center a discontinued operation. All numbers have been adjusted retrospectively for the change.