Property Dispositions and Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

10. Property Dispositions and Discontinued Operations

During 2014, the Company sold two properties. One was a ground leased parcel in East Lansing, Michigan in August 2014, for approximately $1,800,000 which was subject to a purchase option exercised by the buyer. The other was a non-core property; a Kmart anchored shopping center in Ironwood, Michigan in January 2014, for approximately $5,000,000. The Ironwood, Michigan property was reflected as property held for sale at December 31, 2013.

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

The results of operations for the Ironwood, Michigan and Ypsilanti, Michigan 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 nine months ended September 30, 2014, respectively, and the revenues for both properties were $314,710 and $949,856 for the three and nine months ended September 30, 2013, respectively. The expenses for the Ironwood property were $0 and $27,988 for the three and nine months ended September 30, 2014, respectively, and the expenses for both properties were $578,552 and $871,904 for the three and nine months ended September 30, 2013, respectively.

The Company elected to not allocate consolidated interest expense to the discontinued operations where the debt was 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 nine months ended September 30, 2014 and 2013.

The income from discontinued operations allocable to non-controlling interest was $0 and $3,120 for the three and nine months ended September 30, 2014, respectively, and ($6,680) and $26,627 for the three and nine months ended September 30, 2013, respectively.