Discontinued Operations

9 Months Ended

Sep. 30, 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 for the property discontinued: 

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2012			2011			2012			2011
Revenue:
Rental	$	860,954		$	828,941		$	2,755,212		$	2,738,843
Expenses:
General and administrative		2,371			48,420			6,004			145,192
Rental property:
Operating expenses		714,851			490,963			1,859,873			1,590,720
Interest and fees on mortgage debt		502,028			609,263			1,661,279			1,501,654
Real estate taxes		78,742			78,743			236,227			324,171
Depreciation		-			115,723			-			345,829
Amortization of in place lease value		-			5,415			3,456			19,944
Total expenses		1,297,992			1,348,527			3,766,839			3,927,510
Investment income		761			1,092			2,577			3,361
Loss from discontinued operations	$	(436,277	)	$	(518,494	)	$	(1,009,050	)	$	(1,185,306	)

	September 30,			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		669,961			737,974
Total assets related to discontinued operations	$	14,324,287		$	14,392,300
Liabilities related to discontinued operations:
Mortgage debt	$	14,484,138		$	14,484,138
Mortgage related interest and fees		2,412,506			1,431,672
Other liabilities		749,076			723,162
Total liabilities related to discontinued operations	$	17,645,720		$	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.