Discontinued Operations

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2019 were as follows (in thousands):

	Three months ended		Six months ended
	June 30,		June 30,
	2019		2019
Lease Revenue	$	222		460
Cost of operations:
Depreciation, depletion and amortization		12		41
Operating expenses		139		234
Property taxes		26		46
Management company indirect		—		—
Corporate expenses		—		—
Total cost of operations		177		321
Total operating profit		45		139
Interest expense		—		—
Gain on sale of buildings		9,245		9,268
Income before income taxes		9,290		9,407
Provision for income taxes		2,514		2,545
Income from discontinued operations	$	6,776		6,862
Earnings per common share:
Income from discontinued operations-
Basic	$	0.68		0.69
Diluted	$	0.68		0.69