Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

10. Discontinued Operations

During 2014, the Company sold one non-core property; a Kmart anchored shopping center in Ironwood, Michigan for approximately $5,000,000. This property was reflected as property held for sale at December 31, 2013.

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

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 Ironwood property were $0 and $42,561 for the three and six months ended June 30, 2014, respectively, and the revenues for both properties were $306,294 and $635,146 for the three and six months ended June 30, 2013, respectively. The expenses for the Ironwood property were $0 and $27,988 for the three and six months ended June 30, 2014, respectively, and the expenses for both properties were $152,854 and $293,351 for the three and six months ended June 30, 2013, 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 six months ended June 30, 2014 and 2013.

The income from discontinued operations allocable to non-controlling interest was $0 and $3,120 for the three and six months ended June 30, 2014, respectively, and $3,959 and $33,542 for the three and six months ended June 30, 2013, respectively.