Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Assets Held for Sale

The table below reflects the assets and liabilities of the properties classified as held for sale as of June 30, 2015 and December 31, 2014.



(Dollars in thousands)	June 30, 2015			December 31, 2014
Balance Sheet data:
Land	$	2,524		$	422
Buildings, improvements and lease intangibles	21,513			12,822
Personal property	21			13
	24,058			13,257
Accumulated depreciation	(10,322		)	(4,464		)
Assets held for sale, net	13,736			8,793
Other assets, net (including receivables)	456			353
Assets of discontinued operations, net	456			353
Assets held for sale and discontinued operations, net	$	14,192		$	9,146

Accounts payable and accrued liabilities	$	149		$	86
Other liabilities	19			286
Liabilities of discontinued operations	$	168		$	372

Discontinued Operations

The Company adopted Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” during the first quarter of 2015. As of December 31, 2014, the Company had two properties classified as held for sale and recorded in discontinued operations. These two properties will remain classified as discontinued operations until the properties are sold. One of the properties was sold in July 2015. See "Subsequent Dispositions" above. During the three and six months ended June 30, 2015, the Company reclassified a property to held for sale upon management's decision to sell the property that did not meet the amended criteria as a discontinued operation. Therefore, the operating results of the property are not included in the table below which reflects the results of operations of the properties included in discontinued operations on the Company's Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2015			2014			2015			2014
Statements of Operations data:
Revenues
Rental income	$	348		$	1,385		$	690		$	2,969
Other operating	—			2			—			3
	348			1,387			690			2,972
Expenses
Property operating	19			793			48			1,906
General and administrative	—			6			—			13
Depreciation	—			475			—			1,030
Bad debts, net of recoveries	(1		)	7			(1		)	7
	18			1,281			47			2,956
Other Income (Expense)
Interest and other income, net	—			2			20			2
	—			2			20			2
Discontinued Operations
Income from discontinued operations	330			108			663			18
Impairments of real estate assets	—			(3,105		)	—			(6,529		)
Gain on sale of property	—			3			—			3
Income (Loss) from Discontinued Operations	$	330		$	(2,994	)	$	663		$	(6,508	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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