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Impairment - Real Estate Investments | 9 Months Ended
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Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract] |
Asset Impairment Charges [Text Block] |
12. | Impairment - Real Estate Investments
Management periodically assesses its Real Estate Investments for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are vacant or become vacant. In the third quarter of 2014, the Company executed a sales agreement for Petoskey Town Center. Previously, in the second quarter, an anchor tenant at the Chippewa Commons shopping center declined to extend its lease which will contribute to vacancy at the center and result in diminished cash flows. As a result of the Company’s review of the shopping center real estate investments, including identifiable intangible assets, the Company recognized impairments of $220,000 and $3,020,000 for the quarter and nine months ended September 30, 2014, respectively, for Petoskey Town Center and Chippewa Commons which are included in continuing operations. The Petoskey Town Center impairment was measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset as determined by the executed sales agreement. The Chippewa Commons impairment was measured as the amount by which the current net book value of the asset exceeded the estimated fair value of the asset as determined by a broker’s opinion of value and internal Company estimates. Real Estate Investments measured at fair value due to impairment charges are considered fair value measurements on a non recurring basis. The following table presents the assets and liabilities carried on the balance sheet within the fair value valuation hierarchy (as described above) as of September 30, 2014, for which a nonrecurring change in fair value has been recorded during the quarter and nine months ended September 30, 2014.
|  |  |  |  | Quoted prices in |  | Significant other |  | Significant |  |  |  |
|  |  |  |  | active markets for |  | observable |  | unobservable |  |  |  |
2014 |  | Fair Value as of |  | identical assets |  | inputs |  | inputs |  | Impairment |
(in thousands) |  | measurement date |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Charge |
Real Estate Investments |  | $ | 6,361 |  | $ | 5,100 |  | $ | -0- |  | $ | 1,261 |  | $ | 3,020 |
|  |  |  | Quoted prices in |  | Significant other |  | Significant |  |  |  |
|  |  |  | active markets for |  | observable |  | unobservable |  |  |  |
2013 |  | Fair Value as of |  | identical assets |  | inputs |  | inputs |  | Impairment |
(in thousands) |  | measurement date |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Charge |
Real Estate Investments |  | $ | 4,875 |  | $ | 4,875 |  | $ | -0- |  | $ | -0- |  | $ | 450 |
The loss of $220,000 and $3,020,000 represents impairment charges related to Real Estate Investments which were included in net income during the quarter and nine months ended September 30, 2014, respectively. During the quarter and nine months ended September 30, 2013, the Company recorded an impairment charge of $450,000 related to Real Estate Investments, which is included in the loss from discontinued operations. The calculation of fair value of Real Estate Investments differs based on available information. Real Estate Investments considered to be measured based on Level 1 inputs were based on actual sales negotiations and bona fide purchase offers received from third parties. Real Estate Investments considered to be measured based on Level 2 inputs were based on broker’s opinions of value or analysis of recent comparable sales transactions and internal Company estimates. Real Estate Investments considered to be measured based on Level 3 inputs were based on an internal valuation model using discounted cash flow analyses and income capitalization using market lease rates and market cap rates. These cash flow projections incorporate assumptions developed from the perspective of market participants valuing the Real Estate Investments.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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- Details
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