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DISPOSITIONS AND DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSALS AND DISCONTINUED OPERATIONS | DISPOSITIONS AND DISCONTINUED OPERATIONS In the first quarter of 2014, the Company adopted ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, 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 2015 and 2014 dispositions listed below were not reclassified to discontinued operations as the 2013 dispositions were. 2015 Dispositions The results of operations of the shopping center Properties described below, as well as any related impairment loss, are included in income from continuing operations for all periods presented, as applicable. Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions by sale:
|  |  |  |  |  |  |  | Sales Price |  | Gain
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
December |  | Mayfaire Community Center (1) |  | Community Center (2) |  | Wilmington, NC |  | $ | 56,300 |  |  | $ | 55,955 |  |  | $ | — |
December |  | Chapel Hill Crossing (3) |  | Associated Center |  | Akron, OH |  | 2,300 |  |  | 2,178 |  |  | — |
November |  | Waynesville Commons |  | Community Center |  | Waynesville, NC |  | 14,500 |  |  | 14,289 |  |  | 5,071 |
July |  | Madison Plaza |  | Associated Center |  | Huntsville, AL |  | 5,700 |  |  | 5,472 |  |  | 2,769 |
June |  | EastGate Crossing (4) |  | Associated Center |  | Cincinnati, OH |  | 21,060 |  |  | 20,688 |  |  | 13,491 |
April |  | Madison Square (5) |  | Mall |  | Huntsville, AL |  | 5,000 |  |  | 4,955 |  |  | — |
|  |  |  |  |  |  |  | $ | 104,860 |  |  | $ | 103,537 |  |  | $ | 21,331 |
(1) | The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price.
(2) | This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes.
(3) | The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price.
(4) | In the fourth quarter of 2015, the Company earned $625 of the potential $1,740 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company has until September 2016 to lease one additional specified tenant space to earn the remaining consideration. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale.
(5) | 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 |  | Gain
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
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. See Note 6 for additional information. The following is a summary of the Company's other 2014 dispositions:
|  |  |  |  |  |  |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
Disposal Date |  | Property |  | Property Type |  | Location |  |
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 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.
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 sales 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 |
August |  | Georgia Square, Georgia Square Plaza, Panama City Mall, The Shoppes at Panama City, RiverGate Mall, Village at RiverGate (1) |  | Mall & Associated Center |  | Athens, GA Panama City, FL Nashville, TN |  | $ | 176,000 |  |  | $ | 171,977 |  |  | $ | (19 | )
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 (2) |  | 706 & 708 Green Valley Road |  | Office Building |  | Greensboro, NC |  |  |  |  |  |  |  | 281 |
|  | Various (3) |  |  |  |  |  |  |  |  |  |  |  | 10 |
|  |  |  |  |  |  |  | $ | 220,425 |  |  | $ | 215,450 |  |  | $ | 1,144 |
(1) | A loss on impairment of $5,234 was recorded in the third quarter of 2013 to write down the book value of these six Properties sold in a portfolio sale to the net sales price. Subsequent to December 31, 2013, the Company recognized an additional impairment of $681 on one of these sold Properties.
(2) | Recognition of gain that was deferred in December 2008 upon repayment of the notes receivable for a portion of the sales price.
(3) | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts for sales that occurred in prior periods.
Total revenues of the Properties described above that are included in discontinued operations were $15,468 in 2013. The total net investment in real estate assets at the time of sale for the Properties sold during 2013 was $219,833. There were no outstanding loans on any of the Properties sold during 2013. Discontinued operations for the year ended December 31, 2013 also includes settlements of estimated expense based on actual amounts for Properties sold during previous years.

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