DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

NOTE 14.    DISCONTINUED OPERATIONS

The Company applies the provisions of ASC Topic 360, “Property, Plant and Equipment.” ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the year ended 2014, 2013 and 2012. Income from discontinued operations relates to 5, 19 and 24 properties that were sold or held for sale in 2014, 2013 and 2012, respectively. The following table summarizes revenue and expense information for these properties sold and held-for-sale (dollars in thousands):

	For the Years Ended December 31,
	2014			2013			2012
Revenues:
Rental and other property revenues	$	5,612		$	34,922		$	43,010
		5,612			34,922			43,010
Expenses:
Property operating expenses		2,350			16,480			22,645
Depreciation		751			5,563			7,676
General and administrative		515			950			975
Provision on impairment of notes receivable and real estate assets		-			-			2,400
Total operating expenses		3,616			22,993			33,696
Other income (expense):
Other income (expense)		(508	)		44			7
Mortgage and loan interest		(1,743	)		(8,082	)		(12,677	)
Deferred borrowing costs amortization		(1,461	)		(3,015	)		(1,794	)
Loan charges and prepayment penalties		(1,656	)		(3,245	)		(3,471	)
Earnings from unconsolidated subsidiaries and investees		1			30			55
Litigation settlement		(250	)		(250	)		(250	)
Total other expenses		(5,617	)		(14,518	)		(18,130	)
Loss from discontinued operations before gain on sale of real estate and taxes		(3,621	)		(2,589	)		(8,816	)
Gain on sale of real estate from discontinued operations		61,879			97,405			5,217
Income tax benefit (expense)		(20,390	)		(33,186	)		1,260
Income (loss) from discontinued operations	$	37,868		$	61,630		$	(2,339	)

 The Company’s application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2014, 2013 and 2012 as income from discontinued operations. The application of ASC Topic 360 does not have an impact on net income available to common shareholders. ASC Topic 360 only impacts the presentation of these properties within the Consolidated Statements of Operations.