XML 51 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE
 12 Months Ended
Dec. 31, 2013
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 on sale of rental property for the years ended December 31, 2013, 2012 and 2011:

 
   Year Ended December 31,  
 
   2013   2012   2011  

Total Revenues

   $ 193,480   $ 462,031   $ 799,813  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating and other expenses

     172,322     348,714     605,294  

Depreciation and amortization

     2,111     79,969     101,566  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     174,433     428,683     706,860  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from discontinued operations

   $ 19,047   $ 33,348   $ 92,953  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               


 

Gain on the sale of Avon Street in the second quarter of 2011:

        

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  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Gain on the Sale of Nashoba in the second quarter of 2013:

        

Sale price

   $ 4,300,000  

Net book value

     (476,766 )

Expense of sale

     (144,395 )
       
​ ​ ​ ​ ​

Gain on the sale of real estate

   $ 3,678,839  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​