Real Estate Investments

6 Months Ended

Jun. 30, 2012

Real Estate Investments, Net [Abstract]

Real Estate Investments

The major components of real estate investments as of June 30, 2012 and December 31, 2011 are as follows:



	June 30, 2012		December 31, 2011
Land	$	20,092	21,312
Buildings and improvements	63,068		67,487
Intangibles	326		300
Subtotal	83,486		89,099
Less: accumulated depreciation and amortization	10,408		10,557
Total	$	73,078	78,542

Depreciation and amortization is computed using the straight-line method over the estimated service life of the respective assets, ranging from 5 to 39 years.

During the second quarter of 2012, management decided to sell its warehouse building located in Orlando, Florida. As a result, the Company reclassified the Florida warehouse building from held-and-used to held-for-sale at June 30, 2012. The Company determined that reclassifying the Florida property as held-for-sale represents a change in circumstances in the intended use of such facility and reviewed the asset for impairment. The Company performed a recoverability test of estimated sale proceeds less cost to sell from the property in accordance with FASB ASC Topic 360 - “Property, Plant and Equipment.” On July 12, 2012 (“effective date”), the Company entered into a purchase and sale agreement for $5,821 with close of escrow 30 days from the effective date. The purchase and sale agreement represents a strong, observable market indicator of fair value defined in FASB ASC Topic 820 - “Fair Value Measurements and Disclosures” as the price that would be received to sell the asset in an orderly transaction between market participants. The Company determined that the carrying value was recoverable through estimated sale proceeds less cost to sell from the purchase and sale agreement and as such, no impairment existed.

The Florida warehouse building is included in the Company's “Real Estate Services” reportable segment as disclosed in Note 5. Depreciation expense on the building was $28 and $57 for the three-and six-month periods ended June 30, 2012 and 2011, respectively. The following represents the major components of the Florida warehouse building recorded in long-lived assets held-for-sale on the Company's condensed consolidated balance sheets as of June 30, 2012:



	June 30, 2012
Land	$	1,220
Buildings and improvements	4,441
Subtotal	5,661
Less: accumulated depreciation and amortization	1,053
Total	$	4,608

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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