Note 6. Held for Sale Assets

The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment. Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. As of December 31, 2014, the Company has entered into an agreement with a third-party purchaser to sell one property located in the Washington, D.C./Baltimore market for a sales price of approximately $11.2 million (net book value of approximately $6.3 million). The sale of the property is subject to the purchaser’s completion of satisfactory due diligence and various closing conditions.

The following summarizes the condensed results of operations of the property held for sale as of December 31, 2014, for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):


	For the Year Ended December 31,
		2014		2013		2012

Rental revenues	$	594	$	594	$	127
Tenant expense reimbursements		123		109		19
Property operating expenses		(123)		(116)		(23)
Depreciation and amortization		(261)		(313)		(73)
Income from operations	$	333	$	274	$	50