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Combined Guarantor Subsidiaries - Dispositions | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Statements Captions [Line Items] |
DISPOSITIONS AND HELD FOR SALE | NOTE 6. 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 shopping center Properties described below, as well as any related gain or loss, are included in net income (loss) for all periods presented, as applicable. 2019 Dispositions Net proceeds realized from the 2019 dispositions listed below were used to reduce outstanding balances on the Company's credit facility, unless otherwise noted. The following is a summary of the Company's 2019 dispositions:
|  |  |  |  |  |  |  | Sales Price |  |  |  |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  |  | Net |  |  | Gain |
January |  | Cary Towne Center (1) |  | Malls |  | Cary, NC |  | $ | 31,500 |  |  | $ | 31,068 |  |  | $ | — |
April |  | Honey Creek Mall (2) |  | Malls |  | Terre Houte, IN |  |  | 14,600 |  |  |  | 14,360 |  |  |  | — |
April |  | The Shoppes at Hickory Point |  | Malls |  | Forsyth, IL |  |  | 2,508 |  |  |  | 2,407 |  |  |  | 1,326 |
June |  | Courtyard by Marriott at Pearland Town Center |  | All Other |  | Pearland, TX |  |  | 15,100 |  |  |  | 14,795 |  |  |  | 1,910 |
July |  | 850 Greenbrier Circle |  | All Other |  | Chesapeake, VA |  |  | 10,500 |  |  |  | 10,332 |  |  |  | 96 |
July |  | Kroger at Foothills Plaza |  | All Other |  | Maryville, TN |  |  | 2,350 |  |  |  | 2,267 |  |  |  | 1,139 |
July |  | The Forum at Grandview (3) |  | All Other |  | Madison, MS |  |  | 31,750 |  |  |  | 31,606 |  |  |  | 47 |
July |  | Barnes & Noble parcel |  | All Other |  | High Point, NC |  |  | 2,000 |  |  |  | 1,899 |  |  |  | 821 |
September |  | Dick's Sporting Goods at Hanes Mall |  | All Other |  | Winston-Salem, NC |  |  | 10,000 |  |  |  | 9,649 |  |  |  | 2,907 |
|  |  |  |  |  |  |  | $ | 120,308 |  |  | $ | 118,383 |  |  | $ | 8,246 |
(1) | See below for more information regarding the sale of Cary Towne Center.
( 2 ) | The Company recognized a loss on impairment of $ 2,284 in March 2019 when it adjusted the book value of the mall to the net sales price based on a signed contract with a third-party buyer and recognized $( 239) in April 2019 related to a true-up of closing costs. See Note 16 for additional information.
( 3 ) | The Company recognized a loss of impairment of $ 8,582 in June 2019 when it adjusted the book value to the net sales price based on a signed contract with a third-party buyer, adjusted to reflect the estimated disposition costs. See Note 16 for additional information.
The Company realized gains of $ 6,434 related to the sale of five outparcels and a gain of $ 1,627 related to the formation of three joint ventures during the year ended December 31, 2019. Also, the Company realized a loss of $ 33 related to prior period adjustments. 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. See Note 8 for more information.
Sale/Transfer Date |  | Property |  | Property Type |  | Location
January |  | Acadiana Mall (1) |  | Malls |  | Lafayette, LA
January |  | Cary Towne Center (2) |  | Malls |  | Cary, NC
(1) | The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. A loss on impairment of real estate of $ 43,007 was recorded in 2017 to write down the book value of the mall to its then estimated fair value. The Company also recorded $ 305 of aggregate non-cash default interest expense during the first quarter of 2019.
(2) | The Company sold the mall for $ 31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven. The Company recorded a loss on impairment of real estate of $ 54,678 during 2018 to write down the book value of the mall to its then estimated fair value. The Company also recorded $ 237 of aggregate non-cash default interest expense during the first quarter of 2019.
In a separate transaction during January 2019, the Company also sold an anchor store parcel and vacant land at Acadiana Mall, which were not collateral on the loan, for a cash price of $ 4,000. A loss on impairment of real estate of $ 1,593 was recorded in 2018 to write down the book value of the anchor store parcel and vacant land to its then estimated fair value. 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/(Loss) |
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 |  |  |  | — |
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) |  | Malls |  | Morristown, TN |  |  | — |  |  |  | — |  |  |  | 742 |
Various |  | Prior Sales Adjustments |  | Malls/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 additional information.
(2) | In conjunction with the sale of this 50/ 50 consolidated joint venture, the loan secured by the community center was retired. 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 Company also realized a gain of $ 11,530 primarily related to the sale of 12 outparcels and from several outparcels sold through eminent domain proceedings during the year ended December 31, 2018. 2018 Held for Sale Cary Towne Center was classified as held for sale at December 31, 2018 and the $ 30,971 on the consolidated balance sheet represented the Company's net investment in real estate assets at December 31, 2018, which approximates 0.6% of the Company's total assets as of December 31, 2018. A nonrecourse loan secured by Cary Towne Center with a principal balance of $ 43,716 as of December 31, 2018 was classified on the Company's consolidated balance sheet as liabilities related to assets held for sale. 201 7 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 |  |  |  |  |
Sales Date |  | Property |  | Property Type |  | Location |  | Gross |  |  | Net |  |  | Gain |
January |  | One Oyster Point & Two Oyster Point |  | All Other |  | Newport News, VA |  | $ | 6,250 |  |  | $ | 6,142 |  |  | $ | — |
April |  | The Outlet Shoppes at Oklahoma City (1) |  | Malls |  | Oklahoma City, OK |  |  | 130,000 |  |  |  | 55,368 |  |  |  | 75,434 |
May |  | College Square & Foothills Mall (2) |  | Malls |  | Morristown, TN / Maryville, TN |  |  | 53,500 |  |  |  | 50,566 |  |  |  | 546 |
|  |  |  |  |  |  |  | $ | 189,750 |  |  | $ | 112,076 |  |  | $ | 75,980 |
( 1 ) | In conjunction with the sale of this 75/ 25 consolidated joint venture, three loans secured by the mall were retired. 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.
( 2 ) | 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 8 for additional information. The following is a summary of these 2017 dispositions:
Transfer Date |  | Property |  | Property Type |  | Location
January |  | Midland Mall |  | Malls |  | Midland, MI
June |  | Chesterfield Mall |  | Malls |  | Chesterfield, MO
August |  | Wausau Center |  | Malls |  | Wausau, WI
Guarantor Subsidiaries |
Condensed Financial Statements Captions [Line Items] |
DISPOSITIONS AND HELD FOR SALE | Note 7 – Dispositions The Combined Guarantor Subsidiaries evaluate 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 Combined Guarantor Subsidiaries 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. 2019 Disposition The Combined Guarantor Subsidiaries recognized a gain on extinguishment of debt for the property 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 following is a summary of the Combined Guarantor Subsidiaries' 2019 disposition:
Transfer Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  |  | Gain on Extinguishment of Debt |
January |  | Acadiana Mall (1) |  | Mall |  | Lafayette, LA |  | $ | 119,760 |  |  | $ | 61,796 |
(1) | The Combined Guarantor Subsidiaries transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. A loss on impairment of real estate of $ 43,007 was recorded in 2017 to write down the book value of the mall to its then estimated fair value.
2018 Dispositions The Combined Guarantor Subsidiaries realized a gain of $ 2,406 related to the sale of five outparcels in 2018. 2017 Dispositions The Combined Guarantor Subsidiaries realized a gain of $ 38,247 related to the sale of eighteen outparcels in 2017, which included $ 28,894 of gain realized from the sale of thirteen of these outparcels to CBL Management.

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