DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 10.          DISCONTINUED OPERATIONS

Prior to January 1, 2015, we applied the provisions of ASC 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.

Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company’s dispositions meeting the discontinued operations criteria.

There were no sales in 2015 or 2014 that meet the criteria for discontinued operations.

Discontinued operations relates to properties that were either sold or repositioned as held-for-sale as of the year ended 2015, 2014 and 2013. There were no properties sold in 2015, 2014 or 2013. Expenses for 2013 reflected below represent residual costs of properties sold and classified as discontinued in prior years. The results of operations from these properties are shown below (dollars in thousands):

	For Years Ended December 31,
			2015		2014		2013
Revenue
Rental and other property revenues		$	—	$	—	$	—
			—		—		—
Expenses
General and administrative			—		—		24
			—		—		24
Net loss from discontinued operations before gains on sale of real estate, taxes, and fees			—		—		(24	)
Income tax benefit			—		—		8
Net loss from discontinued operations		$	—	$	—	$	(16	)