Gladstone Commercial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Real Estate Held for Sale and Impairment Charges (Tables)

Real Estate Held for Sale and Impairment Charges (Tables)

9 Months Ended

Sep. 30, 2015

Components of Income from Real Estate and Related Assets Held for Sale

The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands):


	For the three months ended September 30,					For the nine months ended September 30,
	2015			2014		2015			2014
Operating revenue	$	505		$	623	$	1,626		$	1,732
Operating expense		744	⁽¹⁾		234		1,034	⁽¹⁾		556
Other expense		47			67		175			201

(Loss) income from real estate and related assets held for sale	$	(286	)	$	322	$	417		$	975

(1)	$0.6 million of operating expenses relates to the impairment charge recorded in operating expenses during the nine months ended September 30, 2015.

Components of Assets and Liabilities Held for Sale

The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheet (dollars in thousands):


	September 30, 2015
ASSETS HELD FOR SALE
Real estate, at cost	$	19,271
Less: accumulated depreciation		(3,680	)

Total real estate held for sale, net		15,591

Lease intangibles, net		153
Deferred rent receivable, net		1,046
Deferred financing costs, net		2
Other assets		40

TOTAL ASSETS HELD FOR SALE	$	16,832

LIABILITIES HELD FOR SALE
Deferred rent liability, net	$	141
Asset retirement obligation		245
Accounts payable and accrued expenses		51
Other liabilities		867

TOTAL LIABILITIES HELD FOR SALE	$	1,304