Investment Properties and Properties Held For Sale (Tables)

12 Months Ended

Dec. 31, 2012

Investment Properties and Property Held for Sale [Abstract]

Components of properties held for sale

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

	December 31,		December 31,
	2012		2011
Balance Sheet:
Land	$	33,991	$	157,360
Buildings, net		0		26,631
Rents and other receivables		0		686
Utilities security deposit		0		9,260
Prepaid insurance		0		1,593
Accounts payable and accrued expenses		0		(2,295	)
Property tax payable		0		(7,571	)
Properties held for sale	$	33,991	$	185,664

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

The components of discontinued operations included in the statements of income for the years ended December 31, 2012, 2011 and 2010 are outlined below:

	December 31,			December 31,			December 31,
	2012			2011			2010
Revenues
Rental Income	$	0		$	70,417		$	106,510
Other Income		2,500			1,204			0
Total Revenues		2,500			71,621			106,510
Expenses
Insurance		2,555			1,183			505
General and Administrative		0			659			946
Professional services		2,060			3,632			14,486
Property tax expense		12,546			9,985			5,035
Maintenance expense		15,745			10,012			4,162
Property impairment write-(up) down		(142,747	)		494,822			0
Depreciation		0			14,361			22,946
Amortization		0			10,380			6,990
Other expenses		4,850			3,850			3,506
Total (Income) Expenses		(104,991	)		548,884			58,576
Net (Income) Loss from Rental Operations	($	107,491	)	$	477,263		($	47,934	)
Net (Loss) Gain on Sale of Properties		0			(1,227	)		6,562
Net Income (Loss) from Discontinued Operations	$	107,491		($	478,490	)	$	54,496