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Acquisitions and Dispositions (Tables) | 9 Months Ended
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Sep. 30, 2017
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
|  | Sears Stores |  | Macy's Stores |  | Total
Land |  | $ | 45,028 |  |  | $ | 4,635 |  |  | $ | 49,663 |
Building and improvements |  | 14,814 |  |  | 1,965 |  |  | 16,779 |
Tenant improvements |  | 4,234 |  |  | 377 |  |  | 4,611 |
Above-market leases |  | 681 |  |  | — |  |  | 681 |
In-place leases |  | 8,364 |  |  | 579 |  |  | 8,943 |
Total assets |  | 73,121 |  |  | 7,556 |  |  | 80,677 |
Below-market leases |  | (356 | ) |  | (522 | ) |  | (878 | )
Net assets acquired |  | $ | 72,765 |  |  | $ | 7,034 |  |  | $ | 79,799 |
The intangible assets and liabilities acquired with the acquisition of the Sears and Macy's stores have weighted-average amortization periods as of the respective acquisition dates as follows (in years):
|  | Sears Stores |  | Macy's Stores
Above-market leases |  | 2.0 |  | N/A
In-place leases |  | 2.2 |  | 2.2
Below-market leases |  | 5.4 |  | 2.2
Schedule of Dispositions | The following is a summary of the Company's other 2017 dispositions:
Transfer Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
January |  | Midland Mall (1) |  | Mall |  | Midland. MI |  | $ | 31,953 |  |  | $ | 3,760 |
June |  | Chesterfield Mall (2) |  | Mall |  | Chesterfield, MO |  | 140,000 |  |  | 29,187 |
August |  | Wausau Center (3) |  | Mall |  | Wausau, WI |  | 17,689 |  |  | 6,851 |
|  |  |  |  |  |  |  | $ | 189,642 |  |  | $ | 39,798 |
(1) | The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt secured by the property. A loss on impairment of real estate of $4,681 was recorded in the first quarter of 2016 to write down the book value of the mall to its then estimated fair value. The Company also recorded $479 of aggregate non-cash default interest expense.
(2) | The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt secured by the property. A loss on impairment of real estate of $99,969 was recorded in the fourth quarter of 2015 to write down the book value of the mall to its then estimated fair value. The Company also recorded $4,324 of aggregate 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 secured by the property. A loss on impairment of real estate of $10,738 was recorded in the second quarter of 2016 to write down the book value of the mall to its then estimated fair value. The Company also recorded $575 of aggregate non-cash default interest expense.
The following is a summary of the Company's 2017 dispositions by sale:
|  |  |  |  |  |  |  | Sales Price |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |  | Gain
January |  | One Oyster Point & Two Oyster Point (1) |  | Office Building |  | Newport News, VA |  | $ | 6,250 |  |  | $ | 6,142 |  |  | $ | — |
April |  | The Outlet Shoppes at Oklahoma City (2) |  | Mall |  | Oklahoma City, OK |  | 130,000 |  |  | 55,368 |  |  | 75,434 |
May |  | College Square Mall & Foothills Mall (3) |  | Mall |  | Morristown, TN / Maryville, TN |  | 53,500 |  |  | 50,566 |  |  | 546 |
|  |  |  |  |  |  |  | $ | 189,750 |  |  | $ | 112,076 |  |  | $ | 75,980 |
(1) | The Company recorded a loss on impairment of $3,844 in the third quarter of 2016 to write down the office buildings to their estimated fair value based upon a signed contract with the third party buyer, adjusted to reflect disposition costs.
(2) | In conjunction with the sale of this 75/25 consolidated joint venture, three loans secured by the mall were retired. See Note 6 for more information. The Company's share of the gain from the sale was approximately $48,800. In accordance with the joint venture agreement, the joint venture partner received a priority return of $7,477 from the proceeds of the sale.
(3) | The Company recognized a gain of $1,994 in the second quarter of 2017 upon the sale of the malls. This gain was partially reduced in the third quarter of 2017 due to construction costs of $1,448 not previously considered.

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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=65878427&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=64827811&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=64827811&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=64827811&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=64827811&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=84176398&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=64827811&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=64827811&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=84176398&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=64827811&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=64827811&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=64827811&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=64827811&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=84161108&loc=d3e4845-128472 + Details
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