DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 12.    DISCONTINUED OPERATIONS

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 2017 or 2016 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,
	2017		2016			2015
Revenues:
Rental and other property revenues	$	—	$	—		$	355
		—		—			355
Expenses:
Property operating expenses		—		—			(345	)
General and administrative		—		2			99
Total operating expenses		—		2			(246	)
Other income (expense):
Other income (expense)		—		—			45
Mortgage and loan interest		—		—			(2	)
Total other expenses		—		—			43
Loss from discontinued operations before gain on sale of real estate and taxes		—		(2	)		644
Gain on sale of real estate from discontinued operations		—		—			735
Income tax benefit (expense)		—		1			(483	)
Income (loss) from discontinued operations	$	—	$	(1	)	$	896