DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 14.    DISCONTINUED OPERATIONS

Prior to January 1, 2015, we applied the provisions of ASC 360, “Property, Plant and Equipment”, which required 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 required that one accounting model be used for long-lived assets to be disposed of by sale and broadened the presentation of discontinued operations to include more disposal transactions. 

Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified 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.

There were no sales of income-producing properties during 2016 or 2015 that met the criteria for discontinued operations. Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following table summarizes revenue and expense information for the properties sold that qualified as discontinued operations (dollars in thousands):

	For the Years Ended December 31,
	2016			2015			2014
Revenues:
Rental and other property revenues	$	—		$	355		$	5,612
		—			355			5,612
Expenses:
Property operating expenses		2			(345	)		2,350
Depreciation		—			—			751
General and administrative		—			99			515
Total operating expenses		2			(246	)		3,616
Other income (expense):
Other income (expense)		—			45			(508	)
Mortgage and loan interest		—			(2	)		(3,204	)
Loan charges and prepayment penalties		—			—			(1,656	)
Earnings from unconsolidated subsidiaries and investees		—			—			1
Litigation settlement		—			—			(250	)
Total other expenses		—			43			(5,617	)
Income (loss) from discontinued operations before gain on sale of
real estate and taxes		(2	)		644			(3,621	)
Gain on sale of real estate from discontinued operations		—			735			61,879
Income tax expense		1			(483	)		(20,390	)
Income from discontinued operations	$	(1	)	$	896		$	37,868