NON-OPERATING REAL PROPERTY

3 Months Ended

Mar. 31, 2014

NON-OPERATING REAL PROPERTY

NON-OPERATING REAL PROPERTY

NOTE 3—NON-OPERATING REAL PROPERTY

        We have designated certain assets, consisting principally of land and undeveloped properties, as non-operating real property and declared our intent to sell those assets. No less than annually, we obtain independent appraisals of the fair value of these assets. Based upon the results of the appraisal obtained at December 31, 2013, no adjustments to the carrying values of non-operating real properties were necessary. No developments have occurred subsequent to these appraisals that would indicate that impairment recognition is necessary.

        Although we continue to actively market these properties for sale, we do not anticipate that we will be able to sell the majority of the assets within the next twelve months. As such, these properties are not classified as held-for-sale as of March 31, 2014. These properties are included in non-operating real properties in our consolidated balance sheets as of March 31, 2014 and December 31, 2013.