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DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

12 Months Ended

Dec. 31, 2011

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

NOTE 16. DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

The following tables summarize income from discontinued operations and the related realized gain and loss on sale of rental property for the years ended December 31, 2011, 2010 and 2009:

	Year Ended December 31,

	2011		2010		2009
Total Revenues	$	348,997	$	910,155	$	872,330

Operating and other expenses		237,298		599,402		549,951
Depreciation and amortization		30,132		90,886		83,460

		267,430		690,288		633,411

Income from discontinued operations	$	81,567	$	219,867	$	238,919


Gain on the sale of Avon Street:
Sale price	$	8,750,000
Net book value		(594,035	)
Expense of sale		(435,506	)

Gain on the sale of real estate in 2011	$	7,720,459

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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