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Disposed Assets | 9 Months Ended
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Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Disposed Assets | Disposed Assets The Company sold six multi-tenant retail assets and one non-core asset during the nine months ended September 30, 2017 for an aggregate gross disposition price of $206,130 and generated net proceeds from the sale of those assets of $162,512. The Company sold 24 retail assets, one non-core asset, and University House during the nine months ended September 30, 2016 for an aggregate gross disposition price of $1,887,550 and generated net proceeds from those sales of $1,533,492. Continuing operations, multi-tenant retail assets The following multi-tenant retail assets were sold during the nine months ended September 30, 2017. The Company recognized a net gain on sale from these six assets of $7,253 and $21,634, respectively, for the three and nine months ended September 30, 2017.
Asset |  | Location |  | Disposition Date |  | Gross Disposition Price |  | Square Feet
Penn Park |  | Oklahoma City, OK |  | 1/10/2017 |  | $ | 29,050 |  |  | 242,000
Sparks Crossing |  | Sparks, NV |  | 5/19/2017 |  | 40,280 |  |  | 336,000
Lincoln Village |  | Chicago, IL |  | 6/23/2017 |  | 30,000 |  |  | 164,000
Pavilions at Hartman Heritage |  | Independence, MO |  | 7/31/2017 |  | 21,700 |  |  | 223,000
Legacy Crossing |  | Marion, OH |  | 7/31/2017 |  | 10,250 |  |  | 134,000
Heritage Plaza |  | Chicago, IL |  | 9/28/2017 |  | 21,350 |  |  | 132,000
|  |  |  |  |  | $ | 152,630 |  |  | 1,231,000
In addition, the Company surrendered one asset to the lender (in satisfaction of non-recourse debt) on May 17, 2017. The Company is not aware of any material outstanding commitments and contingencies related to this asset. The Company recognized a gain on debt extinguishment of $882 related to this transaction as part of income from continuing operations for the nine months ended September 30, 2017. Discontinued operations, disposition of Worldgate Plaza On August 30, 2017, the Company sold Worldgate Plaza, the Company's remaining non-core office asset for a gross disposition price of $53,500, and recognized a gain on the sale of this asset of $10,115 as part of income from discontinued operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2017. The major classes of assets and liabilities of discontinued operations as of December 31, 2016 were as follows:
| December 31, 2016
Assets |
Land | $ | 9,564 |
Building and other improvements | 33,003 |
Total | 42,567 |
Less accumulated depreciation | (2,601 | )
Net investment properties | 39,966 |
Accounts and rents receivable (net of allowance of $49) | 1,566 |
Deferred costs and other assets | 903 |
Total assets | $ | 42,435 |
Liabilities |
Debt, net | $ | 59,942 |
Accounts payable and accrued expenses | 116 |
Other liabilities | 355 |
Total liabilities | $ | 60,413 |
The operations reflected in discontinued operations in the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2017 include Worldgate Plaza, and for the three and nine months ended September 30, 2016, includes University House, the Highlands spin-off, and Worldgate Plaza.
| Three months ended September 30, |  | Nine months ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Total income | $ | 844 |  |  | $ | 2,786 |  |  | $ | 3,855 |  |  | $ | 90,389 |
Less: |  |  |  |  |  |  |
Depreciation and amortization expense | 301 |  |  | 617 |  |  | 1,205 |  |  | 32,231 |
Other expenses | 492 |  |  | 2,084 |  |  | 2,398 |  |  | 38,302 |
Provision for asset impairment | — |  |  | — |  |  | — |  |  | 106,514 |
Operating income (loss) from discontinued operations | 51 |  |  | 85 |  |  | 252 |  |  | (86,658 | )
Interest expense, income taxes, and other miscellaneous income | (443 | ) |  | (1,087 | ) |  | (1,993 | ) |  | (15,924 | )
Equity in earnings of unconsolidated entity | — |  |  | — |  |  | — |  |  | (19 | )
Gain on sale of investment in unconsolidated entity | — |  |  | — |  |  | — |  |  | 1,434 |
Gain on sale of properties, net | 10,115 |  |  | 10,494 |  |  | 10,115 |  |  | 235,780 |
Loss on extinguishment of debt | (2 | ) |  | (617 | ) |  | (2 | ) |  | (2,826 | )
Net income from discontinued operations | $ | 9,721 |  |  | $ | 8,875 |  |  | $ | 8,372 |  |  | $ | 131,787 |
Net income per common share, from discontinued operations, basic and diluted | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.15 |
Weighted average number of common shares outstanding, basic and diluted | 773,517,492 |  |  | 862,212,317 |  |  | 773,405,710 |  |  | 862,207,903 |

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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