DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 14. DISCONTINUED OPERATIONS

Prior to January 1, 2015, the Company applied the provisions of ASC 360, “Property, Plant and Equipment”, which 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.

Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.

Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company's dispositions meeting the discontinued operations criteria.

Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015.

Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the year ended 2015, 2014 and 2013. Income from discontinued operations relates to 5 and 19 properties that were sold or held for sale in 2014 and 2013, 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,
	2015			2014			2013
Revenues:
Rental and other property revenues	$	355		$	5,612		$	34,922
		355			5,612			34,922
Expenses:
Property operating expenses		(345	)		2,350			16,480
Depreciation		—			751			5,563
General and administrative		99			515			950
Total operating expenses		(246	)		3,616			22,993
Other income (expense):
Other income (expense)		45			(508	)		44
Mortgage and loan interest		(2	)		(3,204	)		(11,097	)
Loan charges and prepayment penalties		—			(1,656	)		(3,245	)
Earnings from unconsolidated subsidiaries and investees		—			1			30
Litigation settlement		—			(250	)		(250	)
Total other expenses		43			(5,617	)		(14,518	)
Loss from discontinued operations before gain on sale of real estate and taxes		644			(3,621	)		(2,589	)
Gain on sale of real estate from discontinued operations		735			61,879			97,405
Income tax benefit (expense)		(483	)		(20,390	)		(33,186	)
Income (loss) from discontinued operations	$	896		$	37,868		$	61,630

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 and 2013 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.