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Acquisitions and Dispositions (Tables) | 9 Months Ended
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Sep. 30, 2015
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date:
|  | Preliminary Purchase Price Allocation |  | Adjustments (1) |  | Final Purchase Price Allocation
Land |  | $ | 40,218 |  |  | $ | (620 | ) |  | $ | 39,598 |
Buildings and improvements |  | 138,450 |  |  | 1,368 |  |  | 139,818 |
Tenant improvements |  | 3,382 |  |  | (51 | ) |  | 3,331 |
Above-market leases |  | 279 |  |  | 114 |  |  | 393 |
In-place leases |  | 23,138 |  |  | (465 | ) |  | 22,673 |
Total assets |  | 205,467 |  |  | 346 |  |  | 205,813 |
Below-market leases |  | (13,479 | ) |  | (346 | ) |  | (13,825 | )
Net assets acquired |  | $ | 191,988 |  |  | $ | — |  |  | $ | 191,988 |
(1) | Represents adjustments based on final valuation report.
Schedule of Dispositions | The following is a summary of the Company's 2015 dispositions by sale:
Sales Date |  | Property |  | Property Type |  | Location |  | Gross Sales Price |  | Net Proceeds |  | Gain
2015 Activity: |  |  |  |  |  |  |  |  |  |  |  |
July |  | Madison Plaza |  | Associated Center |  | Huntsville, AL |  | $ | 5,700 |  |  | $ | 5,472 |  |  | $ | 2,769 |
June |  | EastGate Crossing (1) |  | Associated Center |  | Cincinnati, OH |  | 21,060 |  |  | 6,118 |  |  | 13,491 |
April |  | Madison Square (2) |  | Mall |  | Huntsville, AL |  | 5,000 |  |  | 4,955 |  |  | — |
|  |  |  |  |  |  |  | $ | 31,760 |  |  | $ | 16,545 |  |  | $ | 16,260 |
(1) | The Company is eligible to receive an additional $1,740 of proceeds if it leases two tenant spaces of approximately 5,800 square feet by September 2016. See Note 16 for consideration earned subsequent to September 30, 2015. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale.
(2) | The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price.
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 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 in 2014.
(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 in 2014.
(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 information 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 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: 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=51717284&loc=d3e1474-107760 Reference 4: 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=51717284&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 9: 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=51719941&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472 + Details
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