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DISPOSITIONS AND HELD FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]  
Schedule of Dispositions and Held-for-Sale 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.

 

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.

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 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 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