Dispositions and Assets Held for Sale

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

During the three months ended June 30, 2019, the Company disposed of three shopping centers and three partial shopping centers for aggregate net proceeds of $50.0 million resulting in aggregate gain of $13.2 million. During the six months ended June 30, 2019, the Company disposed of six shopping centers and three partial shopping centers for aggregate net proceeds of $94.8 million resulting in aggregate gain of $20.5 million. In addition, during the six months ended June 30, 2019, the Company received aggregate net proceeds of $0.3 million from previously disposed assets resulting in aggregate gain of $0.1 million.

During the three months ended June 30, 2018, the Company disposed of nine shopping centers and one partial shopping center for aggregate net proceeds of $134.7 million resulting in aggregate gain of $27.8 million and aggregate impairment of $0.7 million. During the six months ended June 30, 2018, the Company disposed of 15 shopping centers, one partial shopping center and one outparcel for aggregate net proceeds of $238.9 million resulting in aggregate gain of $39.2 million and aggregate impairment of $12.9 million. In addition, during the three and six months ended June 30, 2018, the Company received net proceeds of $0.5 million from previously disposed assets resulting in a gain of $0.5 million.

As of June 30, 2019, the Company had four properties held for sale. As of December 31, 2018, the Company had one property held for sale. The following table presents the assets and liabilities associated with the properties classified as held for sale:



Assets		June 30, 2019			December 31, 2018
	Land	$	7,093		$	1,220
	Buildings and improvements	38,659			2,927
	Accumulated depreciation and amortization	(15,750		)	(1,334		)
	Real estate, net	30,002			2,813
	Other assets	2,083			88
Assets associated with real estate assets held for sale		$	32,085		$	2,901

Liabilities
	Below-market leases	$	615		$	—
	Other liabilities	174			—
Liabilities associated with real estate assets held for sale⁽¹⁾		$	789		$	—


⁽¹⁾	These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

There were no discontinued operations for the three and six months ended June 30, 2019 and 2018 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.