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DISPOSITIONS AND HELD FOR SALE (Tables) | 12 Months Ended
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Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Dispositions | 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) | See Note 16 for information on the impairment loss related to these Properties that 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 7 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 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 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 6 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.
(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 the Company's 2018 dispositions:
|  |  |  |  |  |  |  | Sales Price |  | Gain (Loss)
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  | Net |
March |  | Gulf Coast Town Center - Phase III |  | All Other |  | Ft. Myers, FL |  | $ | 9,000 |  |  | $ | 8,769 |  |  | $ | 2,236 |
July |  | Janesville Mall (1) |  | Mall |  | Janesville, WI |  | 18,000 |  |  | 17,783 |  |  | — |
August |  | Statesboro Crossing (2) |  | All Other |  | Statesboro, GA |  | 21,500 |  |  | 10,532 |  |  | 3,215 |
October |  | Parkway Plaza |  | All Other |  | Fort Oglethorpe, GA |  | 16,500 |  |  | 16,318 |  |  | 1,419 |
November |  | College Square (3) |  | Mall |  | Morristown, TN |  | — |  |  | — |  |  | 742 |
Various |  | Prior Sales Adjustments |  | Mall / All Other |  |  |  | — |  |  | — |  |  | (141 | )
|  |  |  |  |  |  |  | $ | 65,000 |  |  | $ | 53,402 |  |  | $ | 7,471 |
(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 disposition costs. See Note 16.
(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.
(3) | The Company received additional consideration per the terms of the sales contract related to the completion of an outparcel construction project. See 2017 Dispositions below for discussion of the sale of College Square in 2017.
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

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