Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

(12) Discontinued Operations.

On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three months ended March 31, 2020 and 2019 were as follows (in thousands):

	Three months
	ended
	March 31, 2019
Lease revenue	$	238
Cost of operations:
Depreciation, depletion and amortization		29
Operating expenses		95
Property taxes		20
Management company indirect		—
Corporate expenses		—
Total cost of operations		144
Total operating profit		94
Interest expense		—
Gain on sale of buildings		23
Income before income taxes		117
Provision for income taxes		31
Income from discontinued operations	$	86
Earnings per common share:
Income from discontinued operations-
Basic		0.01
Diluted		0.01