Disposition Investments in Real Estate

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposition Investments in Real Estate

Note I — Disposition of Investment in Real Estate

On May 26, 2020, the Company, through an entity wholly owned by the Company, sold a parking garage in San Jose, California for cash consideration of $4.1 million to UC 88 Garage Owner LLC, a third-party buyer. The Company used $2.5 million of the proceeds to pay off the existing promissory note secured by the MVP San Jose 88 Garage, LLC. The property was originally purchased in June 2016 for approximately $3.6 million. The gain on sale is approximately $0.7 million.

The following is summary of the results of operations related to the parking garage in San Jose for the three and nine months ended September 30, 2020:

		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2020		2019		2020		2019
Revenue	$	--	$	113,000	$	113,000	$	338,000
Expenses *		--		102,000		191,000		705,000
Income/(Loss) from assets held for sale, net of income taxes	$	--	$	11,000	$	(78,000)	$	(367,000)

*Includes $343,000 impairment in 2019