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DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2013

Summary of revenue and expense information for the properties sold and held for sale

The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):

	For the Three Months Ended March 31,
	2013			2012
Revenue
Rental	$	1,178		$	2,978
Property operations		526			1,912
		652			1,066
Expenses
Other income		-			2
Interest expense		(219	)		(1,758	)
General and administration		(208	)		(143	)
Depreciation and amortization		(145	)		(580	)
Provision on impairment of real estate assets		-			-
	$	(572	)	$	(2,479	)
Income (loss) from discontinued operations before gains on sale of real estate, taxes, and fees		80			(1,413	)
Gain on sale of discontinued operations		6,190			3,588
Income from discontinued operations	$	6,270		$	2,175
Income tax expense		(2,195	)		(761	)
Net income from discontinued operations	$	4,075		$	1,414

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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