Discontinued Operations

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2013		2012		2013		2012
Revenues:
Rental	$	902,928	$	942,340	$	1,798,580	$	1,894,258
Expenses:
General and administrative expenes		-		-		-		3,633
Rental property expenses:
Operating		618,879		544,128		1,204,460		1,145,022
Interest on mortgage debt		555,783		582,548		1,117,825		1,159,251
Real estate taxes		78,742		78,743		157,380		157,485
Amortization		-		3,456		-		3,456
Total expense		1,253,404		1,208,875		2,479,665		2,468,847
Investment income		701		1,816		1,390		1,816
Total income from discontinued operations	$	(349,775)	$	(264,719)	$	(679,695)	$	(572,773)

	June 30,		December 31,
	2013		2012
Assets related to discontinued operations:
Land	$	1,905,985	$	1,905,985
Buildings		13,851,232		13,829,390
Furniture and equipment		6,375		6,375
Less: accumulated depreciation		(2,087,424)		(2,087,424)
Net real estate		13,676,168		13,654,326
Other assets		604,213		544,480
Total assets related to discontinued operations	$	14,280,381	$	14,198,806
Liabilities related to discontinued operations:
Mortgage debt	$	13,910,592	$	14,009,797
Mortgage related interest and fees		4,052,063		3,287,507
Other liabilities		570,135		546,185
Total liabilities related to discontinued operations	$	18,532,790	$	17,843,489