XML 59 R39.htm IDEA: XBRL DOCUMENT
v3.21.1

DISPOSITIONS AND HELD FOR SALE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Schedule of Dispositions and Held-for-Sale | The Company recognized a gain on extinguishment of debt for the propert ies 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 9 for more information.
Sale/Transfer Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  |  | Gain on Extinguishment of Debt |
August |  | Hickory Point Mall (1) |  | Malls |  | Forsyth, IL |  | $ | 27,446 |  |  | $ | 15,446 |
December |  | Burnsville Center (1) |  | Malls |  | Burnsville, MN |  |  | 64,233 |  |  |  | 17,075 |
|  |  |  |  |  |  |  | $ | 91,679 |  |  | $ | 32,521 |
(1) | The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
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 Haute, 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 17 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 17 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 9 for additional information.
Sale/Transfer Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  |  | Gain on Extinguishment of Debt |
January |  | Acadiana Mall (1) |  | Malls |  | Lafayette, LA |  | $ | 119,760 |  |  | $ | 61,795 |
January |  | Cary Towne Center (2) |  | Malls |  | Cary, NC |  |  | 43,716 |  |  |  | 9,927 |
|  |  |  |  |  |  |  | $ | 163,476 |  |  | $ | 71,722 |
(1) | The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
(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 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 |  |  |  | — |
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 |  | 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 17 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.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration