Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations

13.   Discontinued Operations During 2010, the Company sold two single tenant properties and entered into a lease termination agreement for one property.  The properties were located in Santa Barbara, California, Marion Oaks, Florida and Aventura, Florida.  Two of the properties were leased to Borders and one property was leased to Walgreens.  During the nine months ended September 30, 2010, the Santa Barbara sale provided gross proceeds of approximately $9.8 million and a gain on sale of approximately $5.3 million.  In addition, in January 2011, the Company completed the sale of two Borders stores located in Tulsa, Oklahoma.  The net proceeds on the transaction amounted to approximately $6.5 million and there was no gain or loss on the sale as a $440,000 impairment charge was recorded in 2010 when the property was classified as held for sale.  The results of operations for these properties are presented as discontinued operations in the Company’s Consolidated Statements of Income.  The revenues for the properties were $549,454 and $1,816,651 for the three and nine months ended September 30, 2010, respectively, and $-0- and $91,816 for the three and nine months ended September 30, 2011, respectively.  The expenses for the properties were $184,053 and $613,287 for the three and nine months ended September 30, 2010, respectively, and $-0- and $-0- for the three and nine months ended September 30, 2011, respectively.