FIRST HARTFORD CORP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - December 19, 2012

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2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships
 6 Months Ended
Oct. 31, 2012
Text Block [Abstract]  
2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships

The Company has consolidated both Rockland and Clarendon based on the express legal rights and obligations provided to it by the underlying partnership agreements and its control of their business activity.  The assets of these partnerships can only be used to settle their obligations and their liabilities for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company are shown parenthetically in the line items of the consolidated balance sheets.  A summary of the assets and liabilities of Rockland and Clarendon included in the Company’s condensed consolidated balance sheets follows:

 

  October 31, 2012   April 30, 2012
       
Real estate and equipment, net $69,123,187   $70,112,601
Other assets 8,036,828    8,187,903 
Total assets 77,160,015    78,300,504 
Intercompany profit elimination (3,101,060)   (3,156,971)
Total assets $74,058,955   $75,143,533
       
Mortgages and other notes payable $56,470,209   $60,089,702
Other liabilities 3,323,250    3,382,713 
Total liabilities $59,793,459   $63,472,415

 

The Company accounts for its 50% ownership interest in CP Associates, LLC, Cranston Parkade, LLC and Dover Parkade, LLC under the equity method of accounting.  A summary of the operating results for these entities follows:

 

  Three Months Ended   Six Months Ended
  June 30, 2012   June 30, 2011   June 30, 2012   June 30, 2011
CP Associates, LLC              
     Revenues $783,459   $782,153   $1,561,702   $1,559,139
     Expenses 591,735    598,477    1,194,013   1,185,622 
     Gain (loss) on derivatives (445,442)   (367,144)   18,002   (36,757)
Net income (loss) ($253,718)   ($183,468)   $385,691   $336,760
               
  June 30, 2012   June 30, 2011   June 30, 2012   June 30, 2011
Cranston Parkade, LLC              
     Revenue $1,190,782   $1,269,142   $2,490,703   $2,493,257
     Expenses 1,005,761    1,003,614    1,986,280   2,016,795 
Net income $185,021   $265,528   $504,423   $476,462
               
  October 31, 2012   October 31, 2011   October 31, 2012   October 31, 2011
Dover Parkade, LLC              
     Revenue $640,373   $662,606   $1,280,976   $1,261,366
     Expenses 495,112    523,616    1,005,447   1,008,327 
Net income $145,261   $138,990   $275,529   $253,039

 

For the years prior to May 1, 2009, the Company was committed to provide funding to CP Associates, LLC, Cranston Parkade LLC and Dover Parkade LLC. Although the Company no longer considers itself liable for their obligations it had not previously discontinued applying the equity method on these investments since the Company had previously considered itself to be committed to providing financial support to them.  The Company’s investment in them was recorded at cost and subsequently adjusted for their gains, losses and distributions.  The resulting carrying value of these investments is ($3,708,375) as of October 31, 2012 and ($4,098,351) as of April 30, 2012 is included in other liabilities.

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