Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

During the quarter ended March 31, 2012, the Company designated PDL, Inc. & Associates, Limited Co-partnership, Presidential Matmor Corp. and PDL, Inc. as discontinued operations.

The following table summarizes operations for the property discontinued:

	Three Months Ended
	March 31,			March 31,
	2013			2012
Revenues:
Rental	$	895,652		$	951,918
General and administrative expenes		-			3,633
Rental property expenses:
Operating		585,581			600,894
Interest on mortgage debt		562,042			576,703
Real estate taxes		78,638			78,742
Total rental property expense		1,226,261			1,259,972
Investment income		689			-
Total loss from discontinued operations	$	(329,920	)	$	(308,054	)

	March 31,			December 31,
	2013			2012
Assets related to discontinued operations:
Land	$	1,905,985		$	1,905,985
Buildings		13,829,390			13,829,390
Furniture and equipment		6,375			6,375
Less: accumulated depreciation		(2,087,424	)		(2,087,424	)
Net real estate		13,654,326			13,654,326
Other assets		629,096			548,480
Total assets related to discontinued operations	$	14,283,422		$	14,198,806
Liabilities related to discontinued operations:
Mortgage debt	$	14,009,797		$	14,009,797
Mortgage related interest and fees		3,559,461			3,287,507
Other liabilities		624,909			546,185
Total liabilities related to discontinued operations	$	18,194,167		$	17,843,489