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Disposals and Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Dispositions | The following is a summary of the Company's 2014 dispositions by sale:
|  |  |  |  |  |  |  | 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 |  |  | 937 |
May |  | Lakeshore Mall (2) |  | Mall |  | Sebring, FL |  | 14,000 |  |  | 13,613 |  |  | — |
|  |  |  |  |  |  |  | $ | 18,615 |  |  | $ | 17,886 |  |  | $ | 937 |
(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.
(2) | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. 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.
The Company recognized a gain on extinguishment of debt for each of the properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the property as of the transfer date. The following is a summary of the Company's other 2014 dispositions:
Disposal Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
2014 Activity: |  |  |  |  |  |  |  |  |  |
October |  | Columbia Place (1) |  | Mall |  | Columbia, SC |  | $ | 27,265 |  |  | $ | 27,171 |
September |  | Chapel Hill Mall (2) |  | Mall |  | Akron, OH |  | 68,563 |  |  | 18,296 |
January |  | Citadel Mall (3) |  | Mall |  | Charleston, SC |  | 68,169 |  |  | 43,932 |
|  |  |  |  |  |  |  | $ | 163,997 |  |  | $ | 89,399 |
(1) | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense.
(2) | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense.
(3) | The mortgage lender completed the foreclosure process and received the title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value.

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- Definition Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: 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 2: 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 3: 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 4: 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 5: 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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