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Dispositions and Held for Sale | 9 Months Ended
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Sep. 30, 2018
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] |
Dispositions and Held for Sale | 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 properties described below, as well as any related gains or losses, are included in net income for all periods presented, as applicable. 2018 Dispositions Net proceeds realized from the 2018 dispositions listed below 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 2018 dispositions:
|  |  |  |  |  |  |  | Sales Price |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |  | Gain
March |  | Gulf Coast Town Center - Phase III |  | All Other |  | Ft. Myers, FL |  | $ | 9,000 |  |  | $ | 8,769 |  |  | $ | 2,236 |
July |  | Janesville Mall (1) |  | Malls |  | Janesville, WI |  | 18,000 |  |  | 17,783 |  |  | — |
September |  | Statesboro Crossing (2) |  | All Other |  | Statesboro, GA |  | 21,500 |  |  | 10,532 |  |  | 3,215 |
September |  | Prior sales adjustment |  | Malls |  |  |  | — |  |  | — |  |  | 92 |
|  |  |  |  |  |  |  | $ | 48,500 |  |  | $ | 37,084 |  |  | $ | 5,543 |
(1) | The Company recognized a loss on impairment of $18,061 in 2018 when it adjusted the book value of the mall to its estimated fair value based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. See Note 4. The mall was classified as held for sale as of June 30, 2018 until its sale in July 2018.
(2) | In conjunction with the sale of this 50/50 consolidated joint venture, the loan secured by the community center was retired. See Note 7 for more information. The Company received 100% of the net proceeds from the sale in accordance with the terms of the joint venture agreement.
The Company also realized a gain of $10,455 primarily related to the sale of 10 outparcels and proceeds from several outparcels sold through eminent domain proceedings during the nine months ended September 30, 2018. 2018 Held for Sale Parkway Plaza was classified as held for sale at September 30, 2018 and the $14,807 on the condensed consolidated balance sheets represents the Company's related net investment in real estate assets at September 30, 2018, which approximates 0.3% of the Company's total assets as of September 30, 2018. There are no other material assets or liabilities associated with this community center. The community center was sold subsequent to September 30, 2018. See Note 14 for additional information.

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