Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations [Abstract]

Discontinued Operations

14. Discontinued Operations

The Partnership sold its variable interests in Bent Tree and Fairmont Oaks, the Consolidated VIEs, in the fourth quarter of 2015. The sale of the Consolidated VIEs meets the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented. There are no assets or liabilities related to discontinued operations at December 31, 2016 and 2015.

The following presents the revenues, expenses and income from discontinued operations for the years ended December 31, 2015 and 2014:

	2015		2014
Rental revenues	$	2,952,383	$	3,180,680
Expenses		2,394,074		3,127,907
Net income from discontinued operations		558,309		52,773
Gain on sale of discontinued operations		3,163,088		-
Net income from discontinued operations	$	3,721,397	$	52,773

Depreciation and amortization expense related to discontinued operations was approximately $301,000 and $940,000 for the years ended December 31, 2015 and 2014, respectively. Amortization of deferred financing costs related to discontinued operations was approximately $17,000 and $19,000 for the years ended December 31, 2015 and 2014, respectively. Capital expenditures related to discontinued operations were approximately $201,000 and $360,000 for the years ended December 31, 2015 and 2014, respectively.