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DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Dispositions
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 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.
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.
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.