XML 78 R11.htm IDEA: XBRL DOCUMENT
v3.19.3

Dispositions and Impairment | 9 Months Ended
--- | ---
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions and Impairment | Dispositions and Impairment During the nine months ended September 30, 2019 and 2018, the Company disposed of its interests in various properties for an aggregate gross disposition price of $448,900 and $967,799, respectively, and recognized aggregate gains on sales of properties of $176,662 and $239,577, respectively, including, in 2018, the disposition of 21 office assets to a newly-formed joint venture with an unaffiliated third-party, NNN Office JV L.P. (“NNN JV”). See note 6. During the nine months ended September 30, 2019 and 2018, the Company recognized debt satisfaction charges, net of $4,415 and $1,698, respectively, relating to sold properties. As of September 30, 2019, the Company had seven properties classified as held for sale. As of December 31, 2018, the Company had two properties classified as held for sale. The properties were classified as held for sale because the properties were either under contract for sale and/or a sale of the property to a third party within the next 12 months was deemed probable. Assets and liabilities of held for sale properties as of September 30, 2019 and December 31, 2018 consisted of the following:
| September 30, 2019 |  | December 31, 2018
Assets: |  |  |
Real estate, at cost | $ | 108,763 |  |  | $ | 63,639 |
Real estate, intangible assets | 16,641 |  |  | 14,498 |
Accumulated depreciation and amortization | (76,423 | ) |  | (16,873 | )
Rent receivable - deferred | 2,486 |  |  | 2,439 |
Other | 6,564 |  |  | 165 |
| $ | 58,031 |  |  | $ | 63,868 |
Liabilities: |  |  |
Accounts payable and other liabilities | $ | 4,741 |  |  | $ | 42 |
Prepaid rent | 556 |  |  | 344 |
| $ | 5,297 |  |  | $ | 386 |
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 financial instability, change in the estimated holding period of the asset 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 and the Company estimates that its cost will not be recovered. During the nine months ended September 30, 2019 and 2018, the Company recognized aggregate impairment charges on real estate properties of $2,355 and $90,860, respectively. Included in the impairment charges recognized during the nine months ended September 30, 2019 are impairment charges of $2,106 recognized on a vacant retail property in Watertown, New York and $249 recognized on a vacant retail property in Albany, Georgia, which was sold in August 2019. Included in the impairment charges recognized during the nine months ended September 30, 2018, are impairment charges of $17,906 recognized on a vacant encumbered office property in Overland Park, Kansas, whose mortgage is currently in default and property is in receivership, $5,591 recognized on an office property in Kansas City, Missouri, and $25,585 recognized on an unencumbered office property in Memphis, Tennessee, which was sold in December 2018.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration