Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

(12) Discontinued Operations.

On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three and nine months ended September 30, 2019 were as follows (in thousands):

	Three months ended			Nine months ended
	September 30,			September 30,
	2019			2019
Lease Revenue	$	—			460
Cost of operations:
Depreciation, depletion and amortization		(24	)		17
Operating expenses		12			246
Property taxes		—			46
Management company indirect		—			—
Corporate expenses		—			—
Total cost of operations		(12	)		309
Total operating profit		12			151
Interest expense		—			—
Gain (loss) on sale of buildings		(30	)		9,238
Income (loss) before income taxes		(18	)		9,389
Provision for (benefit from) income taxes		(5	)		2,540
Income (loss) from discontinued operations	$	(13	)		6,849
Earnings per common share:
Income (loss) from discontinued operations-
Basic	$	0.00			0.69
Diluted	$	0.00			0.69