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DISPOSITIONS | 12 Months Ended
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Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS | DISPOSITIONS 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 for all periods presented, as applicable. 2017 Dispositions Net proceeds realized from the 2017 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 2017 dispositions by sale:
|  |  |  |  |  |  |  | Sales Price |  | Gain
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
January |  | One Oyster Point & Two Oyster Point (1) |  | All Other |  | 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 & Foothills Mall (3) |  | Mall |  | Morristown, TN / Maryville, TN |  | 53,500 |  |  | 50,566 |  |  | 546 |
|  |  |  |  |  |  |  | $ | 189,750 |  |  | $ | 112,076 |  |  | $ | 75,980 |
(1) | These Properties were classified as held for sale as of December 31, 2016. See Note 15 for information on the impairment loss related to these Properties which was recognized in 2016.
(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.
The Company also realized a gain of $17,812 primarily related to the sale of 12 outparcels during the year ended December 31, 2017. The Company recognized a gain on extinguishment of debt for the Properties listed below, which represented the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. The respective mortgage lender completed the foreclosure process and received title to the mall listed below in satisfaction of the non-recourse debt secured by the Property. See Note 6 for additional information. See Note 15 for information on previous impairment losses related to these Properties. The following is a summary of these 2017 dispositions:
Transfer Date |  | Property |  | Property Type |  | Location
January |  | Midland Mall |  | Mall |  | Midland, MI
June |  | Chesterfield Mall |  | Mall |  | Chesterfield, MO
August |  | Wausau Center |  | Mall |  | Wausau, WI
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 |  | Gain
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
March |  | River Ridge Mall (1) |  | Mall |  | Lynchburg, VA |  | $ | 33,500 |  |  | $ | 32,905 |  |  | $ | — |
April |  | The Crossings at Marshalls Creek |  | All Other |  | Middle Smithfield, PA |  | 23,650 |  |  | 21,791 |  |  | 3,239 |
May |  | Bonita Lakes Mall & Crossing (2) |  | Mall & All Other |  | Meridian, MS |  | 27,910 |  |  | 27,614 |  |  | 208 |
July |  | The Lakes Mall / Fashion Square (3) |  | Mall |  | Muskegon, MI Saginaw, MI |  | 66,500 |  |  | 65,514 |  |  | 273 |
September |  | Oak Branch Business Center (4) |  | All Other |  | Greensboro, NC |  | 2,400 |  |  | 2,148 |  |  | — |
December |  | Cobblestone Village at Palm Coast (5) |  | All Other |  | Palm Coast, FL |  | 8,500 |  |  | 8,106 |  |  | — |
December |  | Randolph Mall, Regency Mall & Walnut Square (6) |  | Mall |  | Asheboro, NC Racine, WI Dalton, GA |  | 32,250 |  |  | 31,453 |  |  | — |
|  |  |  |  |  |  |  | $ | 194,710 |  |  | $ | 189,531 |  |  | $ | 3,720 |
(1) | The Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which was included in investments in unconsolidated affiliates as of December 31, 2016 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 5 for more information.
(2) | The Company recognized a loss on impairment of $5,323 in 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs.
(3) | The Company recognized a loss on impairment of $32,096 in 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6.
(4) | The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs.
(5) | The Company recorded a loss on impairment of $6,298 to write down the Property to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016.
(6) | The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs.
The Company also realized a gain of $21,385 primarily related to the sale of 18 outparcels, $2,184 related to a parking deck project, $1,621 from a parcel project at The Outlet Shoppes at Atlanta and $657 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below. 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 |  | Gain
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
April |  | Madison Square (1) |  | Mall |  | Huntsville, AL |  | $ | 5,000 |  |  | $ | 4,955 |  |  | $ | — |
June |  | EastGate Crossing (2) |  | All Other |  | Cincinnati, OH |  | 21,060 |  |  | 20,688 |  |  | 13,491 |
July |  | Madison Plaza |  | All Other |  | Huntsville, AL |  | 5,700 |  |  | 5,472 |  |  | 2,769 |
November |  | Waynesville Commons |  | All Other |  | Waynesville, NC |  | 14,500 |  |  | 14,289 |  |  | 5,071 |
December |  | Mayfaire Community Center (3) |  | All Other (4) |  | Wilmington, NC |  | 56,300 |  |  | 55,955 |  |  | — |
December |  | Chapel Hill Crossing (5) |  | All Other |  | Akron, OH |  | 2,300 |  |  | 2,178 |  |  | — |
|  |  |  |  |  |  |  | $ | 104,860 |  |  | $ | 103,537 |  |  | $ | 21,331 |
(1) | The Company recognized a loss on impairment of real estate of $2,620 in 2015 when it adjusted the book value of the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.
(2) | 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. The Company earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. Additionally, the buyer assumed the mortgage loan on the Property, which had a balance of $14,570 at the time of the sale.
(3) | The Company recognized a loss on impairment of real estate of $397 in 2015 when it adjusted the book value of Mayfaire Community Center to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.
(4) | This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes.
(5) | The Company recognized a loss on impairment of real estate of $1,914 in 2015 when it adjusted the book value of Chapel Hill Crossing to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.
See Note 15 for additional information related to the impairment losses described above.

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- Definition The entire disclosure 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 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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