REAL ESTATE DISPOSITIONS

12 Months Ended

Dec. 31, 2013

10.

REAL ESTATE DISPOSITIONS

Woodlake Pointe - On September 30, 2013, our Woodlake Pointe joint venture sold a single-tenant building and land parcel at our Woodlake Pointe property for $12.0 million to an unrelated third party. The sale resulted in net proceeds of $4.9 million after repayment of a $6.6 million mortgage and other closing costs. Our portion of the net cash proceeds, which was 60%, was $3.0 million. We recorded an impairment of $576,000 primarily related to the write-off of accrued rent. We used a potion of the net proceeds to repay approximately $1.9 million of notes payable - related party and retained the remainder of the proceeds as cash on hand.

Our properties generally have operations and cash flows that can be clearly distinguished from the rest of our company. The operations and gains on sales reported in discontinued operations include those properties that have been sold and for which operations and cash flows have been clearly distinguished. The operations of these properties have been eliminated from ongoing operations, and we will not have continuing involvement after disposition. Prior period operating activity related to such properties and business has been reclassified as discontinued operations in the accompanying statements of operations for all periods presented.

The following table is a summary of our discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands, except for per Unit data):


	2013			2012		2011
Revenues:
Rental income from operating leases	$	882		$	204	$	-
Total revenues		882			204		-

Expenses:
General and administrative		-			1		-
Property expense		192			33		-
Legal and professional		66			8		-
Depreciation and amortization		94			49		-
Other expense (income)		183			54		1
Impairment		576			-		-
Total expenses		1,111			145		1

Income (loss) from discontinued operations, net of tax		(229	)		59		(1	)

Basic and diluted income from discontinued operations per Unit	$	(115.19	)	$	29.68	$	(0.50	)

Woodlake Square - As of December 31, 2012, we owned a 6% interest in Woodlake LP, which owned Woodlake Square, a grocery-anchored, multi-tenant retail property located at the corner of Westheimer and Gessner in Houston, Texas with a combined GLA of approximately 161,000 square feet. The remaining 94% was owned by the third-party institutional partner (90%), ARIC (1%) and by MIG III (3%). On September 18, 2013, Woodlake LP sold Woodlake Square to AmREIT for $41.6 million based on arm’s-length negotiations between AmREIT and our third party institutional partner that owned a 90% interest in the property. The joint venture recorded a gain on sale of $10.4 million. Our share of this gain is included in our income (loss) from non-consolidated entities. We received approximately $2.0 million representing our proportional share of the net proceeds. See Note 4 for a discussion of our investment activity since our inception with respect to our non-consolidated entities.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

AmREIT Monthly Income & Growth Fund IV LP 10-K