Disposed Properties

Continuing operations

During the three months ended March 31, 2018, the Company recognized a net gain on sale of $18,280 related to three retail properties, a gain on transfer of asset of $1,777 related to the surrender of Stonecrest Marketplace, and a gain on sale of $248 related to the completion of a partial condemnation at a retail property. In aggregate the Company recognized net proceeds of $119,825 from the sales, surrender, and condemnation of these properties on the condensed consolidated statement of cash flows during the three months ended March 31, 2018.

On March 21, 2018, the Company surrendered one retail property, Stonecrest Marketplace, with a carrying value of $23,932, to the lender (in satisfaction of non-recourse debt with an initial maturity date of March 1, 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 $10,751 related to this transaction as part of income from continuing operations for the three months ended March 31, 2018.

The following retail properties were sold during the three months ended March 31, 2018.



Asset	MSA	Disposition Date	Gross Disposition Price		Square Feet
Sherman Town Center I & II	Dallas-Fort Worth, TX	January 9, 2018	$	63,000	485,000
Grafton Commons	Milwaukee-Racine-Waukesha, WI	January 25, 2018	33,500		239,000
Lakeport Commons	Sioux City-Vermillion, IA-SD	March 8, 2018	31,000		283,000
			$	127,500	1,007,000

During the three months ended March 31, 2017, the Company disposed of Penn Park, a 242,000 square foot retail property, on January 31, 2017 for a gross disposition price of $29,050, which resulted in a net gain on sale of $1,021 and generated net proceeds of $28,474.

Discontinued operations

On August 30, 2017 the Company sold Worldgate Plaza, the Company's remaining non-core office property. Discontinued operations in the condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2017 reflects the operations of Worldgate Plaza.



	Three months ended March 31, 2017
Total income	$	1,806
Less:
Depreciation and amortization expense	448
General and administrative, property operating, and real estate tax expenses	1,083
Operating income from discontinued operations	275
Interest expense, income taxes, and other miscellaneous expenses	(849		)
Net loss from discontinued operations	$	(574	)

Net loss per common share, from discontinued operations, basic and diluted	$	0.00
Weighted average number of common shares outstanding, basic and diluted	773,316,262