Investment Properties and Properties Held For Sale (Tables)

9 Months Ended

Sep. 30, 2012

Investment Properties and Properties Held for Sale [Abstract]

Components of properties held for sale

The components of properties held for sale in the balance sheets as of September 30, 2012 and December 31, 2011 are outlined below:

	September 30,			December 31,
	2012			2011
	(Unaudited)
Balance Sheet:
Land	$	157,360		$	157,360
Buildings, net		26,631			26,631
Rents and other receivables		278			686
Utilities security deposit		9,260			9,260
Prepaid insurance		2,291			1,593
Accounts payable and accrued expenses		(1,411	)		(2,295	)
Property tax payable		(11,356	)		(7,571	)
Properties held for sale	$	183,053		$	185,664

Components of discontinued operations included in the condensed statement of income (loss)

The components of discontinued operations included in the condensed statement of income (loss) for the three and nine month periods ended September 30, 2012 and 2011 are outlined below:

	Three Month Period ended September 30, 2012			Three Month Period ended September 30, 2011			Nine Month Period ended September 30, 2012			Nine Month Period ended September 30, 2011
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Statements of Income (Loss):
Revenues:
Rental income	$	0		$	11,758		$	0		$	64,241
Other income		0			0			2,500			1,176
Total Revenues		0			11,758			2,500			65,417
Expenses:
Insurance expense		698			152			2,078			152
Professional services		20			456			2,060			1,482
Property tax expense		3,785			2,887			11,356			6,199
Other property expenses		5,640			3,500			20,070			3,500
Marketing Expense		0			7,700			0			7,700
Property impairment write-downs		0			104,705			0			644,823
Depreciation		0			2,888			0			14,361
Amortization		0			0			0			10,379
Total Expenses		10,144			122,288			35,564			688,596
Net Loss from Discontinued Operations	$	(10,144	)	$	(110,530	)	$	(33,064	)	$	(623,179	)