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DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2012

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Summary of income from discontinued operations

	Year Ended December 31,

	2012		2011		2010
Total Revenues	$	—	$	348,997	$	910,155

Operating and other expenses		—		237,298		599,402
Depreciation and amortization		—		30,132		90,886

		—		267,430		690,288

Income from discontinued operations	$	—	$	81,567	$	219,867

Avon Street Apartments

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Summary of realized gain and loss on sale of rental property


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	$	7,720,459

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details