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EXCEL - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncFinancial_Report.xls
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v2.4.0.6
Discontinued Operations
9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
During the three months ended September 30, 2012, the Company sold five properties (the "2012 Property Dispositions") for an aggregate sales price of $23.0 million. Upon completion of the sales, $14.9 million in loans collateralized by these properties were assumed by the respective buyers. No disposition fees were paid to Cole Advisors or its affiliates in connection with the 2012 Property Dispositions.
The 2012 Property Dispositions resulted in net cash proceeds of $7.3 million and a gain of $3.7 million. Revenue related to the 2012 Property Dispositions was $177,000 and $997,000, respectively, for the three and nine months ended September 30, 2012. Revenue related to the 2012 Property Dispositions was $410,000 and $1.2 million for the three and nine months ended September 30, 2011, respectively. Results of the 2012 Property Dispositions have been presented as discontinued operations in the Company's condensed consolidated unaudited statements of operations for the three and nine months ended September 30, 2012 and 2011. Subsequent to the 2012 Property Dispositions, the Company had no continuing involvement with the properties.
As of the respective closing dates of the 2012 Property Dispositions, the major classes of assets and liabilities of these properties included net total investment in real estate assets of $18.5 million and mortgage notes payable of $14.9 million. In connection with the 2012 Property Dispositions, $90,000 of deferred financing costs were written off as a reduction in the gain on sale.
On December 15, 2011, the Company sold a property for a gross sales price of $19.1 million, resulting in net cash proceeds of $4.5 million and a gain of $1.6 million. Therefore, no revenue related to this property was recorded for the three and nine months ended September 30, 2012. Revenue related to this property for the three and nine months ended September 30, 2011 was $397,000 and $1.2 million, respectively. The property’s results have been presented as discontinued operations on the Company’s condensed consolidated unaudited statements of operations for the three and nine months ended September 30, 2011. Subsequent to the sale of the property, the Company had no continuing involvement with the property.