DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS

Discontinued Operations

NOTE 10.    DISCONTINUED OPERATIONS

The Company applies the provisions of ASC Topic 360, “Property, Plant and Equipment.” ASC Topic 360 requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

Discontinued operations relates to properties that were either sold or repositioned as held-for-sale as of the year ended 2014, 2013 and 2012. There were no properties sold in 2014 or 2013.  The statements of operations for all prior periods presented have been restated to reflect the reclassification to discontinued operations. The results of operations from these properties are shown below (dollars in thousands):

	For Years Ended December 31,
	2014		2013			2012
Revenue
Rental and other property revenues	$	-	$	-		$	-
		-		-			-
Expenses
General and administrative		-		24			106
		-		24			106
Net loss from discontinued operations before gains on sale of real estate, taxes, and fees		-		(24	)		(106	)
Income tax benefit		-		8			37
Net loss from discontinued operations	$	-	$	(16	)	$	(69	)

The Company’s application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2014, 2013 and 2012 as income from discontinued operations. The application of ASC Topic 360 does not have an impact on net income available to common shareholders. ASC Topic 360 only impacts the presentation of these properties within the Consolidated Statements of Operations.