DISPOSITION ACTIVITY

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITION ACTIVITY

5. DISPOSITION ACTIVITY

          Our properties generally have operations and cash flows that can be clearly distinguished from the rest of the Company. The operations and gains on sales reported in discontinued operations include those properties that have been sold and for which operations and cash flows have been clearly distinguished. The operations of these properties have been eliminated from ongoing operations, and we will not have continuing involvement after disposition. Prior period operating activity related to such properties and business has been reclassified as discontinued operations in the accompanying statements of operations.

          On August 12, 2013, we completed the sale of our single tenant asset in Illinois for approximately $1.9 million. We recorded a gain on sale of approximately $799,000 which is included in income from discontinued operations on our consolidated statement of operations for the three and nine months ended September 30, 2013.

          The following table is a summary of our discontinued operations for the three and nine months ended September 30, 2013, and 2012 (in thousands, except for per share data):

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Revenues:
Rental income from operating leases	$	28	$	50	$	115	$	149
Total revenues		28		50		115		149
Expenses:
Property expense		11		11		23		22
Legal and professional		2		4		9		8
Depreciation and amortization		2		6		14		18
Total expenses		15		21		46		48
Operating income		13		29		69		101
Income from discontinued operations, net of tax		13		29		69		101
Gain on sale of real estate acquired for resale, net of taxes		799		—		799		—
Income from discontinued operations		812		29		868		101
Basic and diluted income from discontinued operations per share	$	0.04	$	—	$	0.05	$	0.01