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Property Dispositions, Discontinued Operations and Real Estate Impairment | 6 Months Ended
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Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Property Dispositions, Discontinued Operations and Real Estate Impairment | Property Dispositions, Discontinued Operations and Real Estate Impairment During the six months ended June 30, 2015, the Company disposed of its interests in three office properties to unrelated third parties for a gross disposition price of $82,025 and conveyed two office properties, along with their escrow deposits, in satisfaction of a $30,293 non-recourse secured mortgage loan. In addition, during the six months ended June 30, 2015, the Company disposed of a vacant retail property, with a zero basis, upon the expiration of the related ground lease. During the six months ended June 30, 2014, the Company disposed of its interest in six properties to unrelated third parties for a gross disposition price of $52,605 and conveyed one property along with its escrow deposits in satisfaction of the $9,900 non-recourse secured mortgage loan. During the six months ended June 30, 2015 and 2014, the Company recognized aggregate gains on sales of properties of $23,151 and $3,510, respectively. In addition, during the six months ended June 30, 2015 and 2014, the Company recognized aggregate net gains (charges) on debt satisfaction of $10,466 and $(299), respectively, relating to disposed properties. The results of operations for properties disposed of in 2015, that were not classified as held for sale as of December 31, 2014, are included within continuing operations in the unaudited condensed consolidated financial statements in accordance with recent guidance issued by the FASB. As of June 30, 2015, the Company had two properties classified as held for sale, which were sold in July 2015. See note 15. Assets and liabilities of held for sale properties as of June 30, 2015 consisted of the following:
Assets: |
Real estate, at cost | $ | 37,319 |
Real estate, intangible assets | 4,803 |
Accumulated depreciation and amortization | (8,758 | )
| $ | 33,364 |
Liabilities: |
Deferred revenue - below market lease, net | $ | 20,769 |
Other | 32 |
| $ | 20,801 |
The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale or transfer of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. During the six months ended June 30, 2014, the Company recognized $10,691 of impairment charges in discontinued operations relating to real estate assets that were disposed of below their carrying value or classified as held for sale. In addition, the Company recognized impairment charges of $1,252 and $16,400 in continuing operations during the six months ended June 30, 2015 and 2014, respectively. The Company determined that the expected undiscounted cash flows based upon the revised estimated holding periods of certain assets were below the current carrying values. Accordingly, the Company reduced the carrying value of the properties to their estimated then fair values of $2,196 and $5,574, respectively. The property impaired during the six months ended June 30, 2014 is an office property in Rochester, New York, which is encumbered by a $17,234 non-recourse secured mortgage loan as of June 30, 2015.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 + Details
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