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Disposals and Discontinued Operations | 9 Months Ended
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Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Disposals and Discontinued Operations | Disposals and Discontinued Operations In the first quarter of 2014, the Company adopted ASU 2014-08, which changed the definition and criteria of property disposals classified as discontinued operations, on a prospective basis. As a result of applying this accounting guidance, the 2014 disposals listed below were not reclassified to discontinued operations as the 2013 disposals were. 2014 Dispositions The results of operations of the properties described below, as well as any gain on extinguishment of debt and impairment losses related to those properties, are included in income from continuing operations for all periods presented, as applicable. Net proceeds from these 2014 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2014 dispositions:
|  |  |  |  |  |  |  | Sales Price |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |  | Gain
2014 Activity: |  |  |  |  |  |  |  |  |  |  |  |
September |  | Pemberton Plaza (1) |  | Community Center |  | Vicksburg, MS |  | $ | 1,975 |  |  | $ | 1,886 |  |  | $ | — |
June |  | Foothills Plaza Expansion |  | Associated Center |  | Maryville, TN |  | 2,640 |  |  | 2,387 |  |  | 934 |
May |  | Lakeshore Mall (2) |  | Mall |  | Sebring, FL |  | 14,000 |  |  | 13,613 |  |  | — |
|  |  |  |  |  |  |  | $ | 18,615 |  |  | $ | 17,886 |  |  | $ | 934 |
(1) | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its net sales price. The sale closed in September 2014.
(2) | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. See Note 8 for additional information about the note receivable. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs.
In September 2014, the Company conveyed Chapel Hill Mall to the mortgage lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse and had a balance of $68,563. The Company recorded a non-cash impairment of real estate of $12,050 in the first quarter of 2014 to write down the book value of this property to its then estimated fair value. As a result of the conveyance, the Company recognized a gain on extinguishment of debt of $18,259 million in the third quarter of 2014 representing the difference between the debt extinguished over the net book value of the property as of the transfer date. See Note 6 for additional information. In January 2014, the mortgage lender for Citadel Mall completed the foreclosure on the property. The lender received the title in satisfaction of the non-recourse debt which had a balance of $68,169. A non-cash loss on impairment of $20,453 was recorded in the second quarter of 2013 to write down the book value of this property to its then estimated fair value. In the nine months ended September 30, 2014, the Company recognized a non-cash gain on extinguishment of debt of $43,932 representing the amount by which the outstanding debt balance exceeded the net book value of the property as of the transfer date. See Note 6 for additional information. See Note 16 for information on a disposition that occurred subsequent to September 30, 2014. 2013 Dispositions The results of operations of the properties described below, as well as any gains or impairment losses related to those properties, are included in discontinued operations for all periods presented, as applicable. Net proceeds from these 2013 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2013 dispositions:
|  |  |  |  |  |  |  | Sales Price |  | Gain/ (Loss)
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
2013 Activity: |  |  |  |  |  |  |  |  |  |  |  |
August |  | Georgia Square & Georgia Square Plaza, Panama City Mall & The Shoppes at Panama City, RiverGate Mall and Village at RiverGate (1) |  | Mall & Associated Center |  | Athens, GA Panama City, FL Nashville, TN |  | $176,000 |  | $ | 171,977 |  |  | $ | — |
March |  | 1500 Sunday Drive |  | Office Building |  | Raleigh, NC |  | 8,300 |  |  | 7,862 |  |  | (549 | )
March |  | Peninsula I & II |  | Office Building |  | Newport News, VA |  | 5,250 |  |  | 5,121 |  |  | 598 |
January |  | Lake Point & SunTrust |  | Office Building |  | Greensboro, NC |  | 30,875 |  |  | 30,490 |  |  | 823 |
December 2008 |  | 706 & 708 Green Valley Road (2) |  | Office Building |  | Greensboro, NC |  |  |  |  |  | 281 |
|  | Various (3) |  |  |  |  |  |  |  |  |  | 9 |
|  |  |  |  |  |  |  | $ | 220,425 |  |  | $ | 215,450 |  |  | $ | 1,162 |
(1) | Net loss on impairment of $5,234 recorded in the third quarter of 2013 to write down the book value of six properties sold in a portfolio sale to the net sales price.
(2) | Recognition of gain deferred in December 2008 upon repayment of the notes receivable taken as part of the sales price consideration.
(3) | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts.
Total revenues of the properties described above that are included in discontinued operations were $1,911 and $16,678 for the three and nine month periods ended September 30, 2013. The total net investment in real estate assets at the time of sale for the properties sold during the nine months ended September 30, 2013 was $219,829. There were no outstanding mortgage loans for any of the properties that were sold during the nine months ended September 30, 2013. Discontinued operations for the three and nine month periods ended September 30, 2014 and 2013 also include settlements of estimated expenses based on actual amounts for properties sold during previous periods.

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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 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 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 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: 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 5: 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 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 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: 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 9: 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 + Details
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