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Acquisitions, Dispositions and Held for Sale | 9 Months Ended
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Sep. 30, 2016
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] |
Acquisitions, Dispositions and Held for Sale | Acquisitions, Dispositions and Held for Sale Acquisitions The Company did not acquire any consolidated shopping center properties during the nine months ended September 30, 2016. On June 18, 2015, the Company acquired a 100% interest in Mayfaire Town Center and Community Center, in Wilmington, NC, for a total cash purchase price of $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 of income was included in the consolidated financial statements for the year ended December 31, 2015. The pro forma effect of this acquisition was not material. Subsequent to its acquisition, the Company sold Mayfaire Community Center in December 2015. See details below. Dispositions and Held for Sale The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center properties described below, as well as any related gain or impairment loss, are included in net income (loss) for all periods presented, as applicable. 2016 Dispositions Net proceeds realized from the 2016 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions:
|  |  |  |  |  |  |  | Sales Price |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |  | Gain
September |  | Oak Branch Business Center (1) |  | Office Building |  | Greensboro, NC |  | $ | 2,400 |  |  | $ | 2,148 |  |  | $ | — |
July |  | The Lakes Mall / Fashion Square (2) |  | Mall |  | Muskegon, MI Saginaw, MI |  | 66,500 |  |  | 65,514 |  |  | 273 |
May |  | Bonita Lakes Mall and Crossing (3) |  | Mall & Associated Center |  | Meridian, MS |  | 27,910 |  |  | 27,614 |  |  | 216 |
April |  | The Crossings at Marshalls Creek |  | Community Center |  | Middle Smithfield, PA |  | 23,650 |  |  | 21,791 |  |  | 3,239 |
March |  | River Ridge Mall (4) |  | Mall |  | Lynchburg, VA |  | 33,500 |  |  | 32,905 |  |  | — |
|  |  |  |  |  |  |  | $ | 153,960 |  |  | $ | 149,972 |  |  | $ | 3,728 |
(1) | The Company recognized a loss on impairment of $122 to adjust the book value of the property to its net sales price. See Note 3.
(2) | The Company recognized a loss on impairment of $32,096 in the second quarter of 2016 when it adjusted the book value of the properties to their contractual sales price, adjusted to reflect disposition costs. See Note 3 for more information. A non-recourse loan secured by Fashion Square with a balance of $38,237 was assumed by the buyer in conjunction with the sale. See Note 6.
(3) | The Company recognized a loss on impairment of $5,323 in the first quarter of 2016 when it adjusted the book value of the properties to their contractual sales price, adjusted to reflect disposition costs. See Note 3 for more information.
(4) | In March 2016, the Company sold a 75% interest in River Ridge Mall, located in Lynchburg, VA. In the first quarter of 2016, the Company recorded a loss on impairment of $9,510 to adjust the book value of the property to its net sales price. See Note 3 for more information. The Company retained a 25% ownership interest in the property, which is included in Investments in Unconsolidated Affiliates as of September 30, 2016 on the Company's condensed consolidated balance sheet. See Note 5 for more information on this new joint venture.
The Company also realized a gain of $8,113 primarily related to the sale of eight outparcels, $2,184 related to a parking deck project and $478 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below. 2016 Held for Sale Regency Mall, Randolph Mall and Walnut Square are classified as held for sale and the $32,250 on the Company's condensed consolidated balance sheet represents the net investment in real estate assets at September 30, 2016, which approximates 0.5% of the Company's total assets as of September 30, 2016. See Note 3 for more information. 2015 Dispositions 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:
|  |  |  |  |  |  |  | Sales Price |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |  | Gain
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 $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 Towne Center in the Malls category for segment reporting purposes.
(3) | The Company recognized a loss on impairment 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 contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. In the second quarter of 2016, the Company earned $508 of contingent consideration for the lease of an additional specified tenant space and received $478 of net proceeds. 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 $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price.

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