Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

10. Discontinued Operations

During 2013, the Company sold one single tenant property for approximately $5,600,000 in Ypsilanti, Michigan.

During 2012, the Company sold six non-core properties: a vacant office property for approximately $650,000; two vacant single tenant properties for $4,460,000; a Kmart anchored shopping center in Charlevoix, Michigan for $3,500,000; and two Kmart anchored shopping centers, one in Plymouth, Wisconsin and one in Shawano, Wisconsin for $7,475,000. In addition, during 2012, the Company conveyed four mortgaged properties to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loans, which had an aggregate principal amount outstanding of approximately $9.2 million as of December 31, 2011.

The results of operations for these properties are presented as discontinued operations in the Company’s consolidated statements of income and comprehensive income. The revenues for the properties were $0 and $9,301 for the three and nine months ended September 30, 2013, respectively, and $390,543 and $2,116,663 for the three and nine months ended September 30, 2012, respectively. The expenses for the properties were $0 and $2,287 for the three and nine months ended September 30, 2013, respectively, and $180,924 and $1,009,303 for the three and nine months ended September 30, 2012, respectively.

The Company elected to not allocate consolidated interest expense to the discontinued operations where the debt is not directly attributed to or related to the discontinued operations. There was no interest expense that was directly attributable to the discontinued operations for the three and nine months ended September 30, 2013 and 2012.

The income from discontinued operations allocable to non-controlling interest was $0 and $24,732 for the three and nine months ended September 30, 2013, respectively, and ($3,266) and $85,296 for the three and nine months ended September 30, 2012, respectively.