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Impairments | 6 Months Ended
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Jun. 30, 2016
Impairments |
Impairments | 13. Impairments We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases. During the second quarter of 2016, we recorded total provisions for impairment of $6.3 million on five sold properties and six properties classified as held for sale in the following industries: one in the automotive service industry, eight in the restaurant-casual dining industry, one in the restaurant-quick service industry and one among the industries we classify as “other.” For the first six months of 2016, we recorded total provisions for impairment of $8.2 million on 11 sold properties, six properties classified as held for sale, and one property classified as held for investment in the following industries: one in the automotive parts industry, one in the automotive service industry, one in the convenience store industry, one in the furniture store industry, one in the health and fitness industry, ten in the restaurant-casual dining industry, one in the restaurant-quick service industry and two among the industries we classify as “other.” In comparison, for the second quarter of 2015, we recorded total provisions for impairment of $3.2 million on three sold properties and two properties classified as held for investment in the following industries: one in the health and fitness industry, three in the restaurant-casual dining industry, and one among the industries we classify as “other.” For the first six months of 2015, we recorded total provisions for impairment of $5.3 million on five sold properties, two properties classified as held for investment, and one property disposed of other than by sale in the following industries: one in the health and fitness industry, six in the restaurant-casual dining industry, and one among the industries we classify as “other.”

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