Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(9)   Discontinued Operations

In the normal course of business, the Company will receive offers for sale of its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction.  It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process.  The Company classifies real estate as "held for sale" when the sale is considered to be probable.

The Company sold Woodlawn Colonial, a 159 unit community located in Chula Vista, California for $16.0 million for a gain of $4.4 million net of internal disposition costs and California state taxes of $0.9 million.  The property was purchased in 2002 as part of the John M. Sachs, Inc. merger.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above (dollars in thousands).

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Rental revenues	$	-		$	453		$	595		$	1,337
Property operating expenses		-			(180	)		(228	)		(542	)
Depreciation and amortization		-			(107	)		(115	)		(317	)
Income from real estate sold		-			166			252			478
Gain on sale		-			-			5,854			-
Internal disposition costs and taxes		(880	)		-			(1,469	)		-
Income (loss) from discontinued operations	$	(880	)	$	166		$	4,637		$	478