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DISPOSITIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Dispositions
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 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
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 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.