Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

v3.5.0.2
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS

In April 2015, Newcastle closed the sale of its commercial real estate properties in Beavercreek, OH for $7.0 million, net of closing costs, and recognized a net gain on the sale of these assets of approximately $0.3 million. In addition, Newcastle repaid the related debt on this property of $6.0 million held within CDO IX, which was eliminated in consolidation.

As a result of the sale of the commercial real estate properties in Beavercreek, OH (which was initially reported as held-for-sale as of September 30, 2014), the assets, liabilities and results of operations of those components of Newcastle’s operations that represent operations in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s Consolidated Financial Statements for all periods presented.
Results from discontinued operations were as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
Rental income
$
—

 
$
50

 
$
—

 
$
549

Gain on settlement of investments
—

 
318

 
—

 
318

Total income
—

 
368

 
—

 
867

 
 
 
 
 
 
 
 
Property operating expenses
—

 
(157
)
 
—

 
187

General and administrative expenses
—

 
1

 
—

 
30

Depreciation and amortization
—

 
—

 
—

 
11

Total expenses
—

 
(156
)
 
—

 
228

Income from discontinued operations
$
—

 
$
524

 
$
—

 
$
639