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DISPOSITIONS | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract] |
DISPOSITIONS | NOTE 8. DISPOSITIONS 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 gain or loss, are included in net income (loss) for all periods presented, as applicable. 2021 Dispositions The Predecessor Company realized a gain of $12,187 primarily related to the sale of The Residences at Pearland Town Center, four anchors and four outparcels during the period from January 1, 2021 through October 31, 2021. Those transactions generated gross proceeds of $34,293. 2020 Dispositions The Predecessor Company realized a gain of $4,696 primarily related to the sale of eight outparcels during the year ended December 31, 2020. The Predecessor 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 date title to the property was transferred to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
Sales Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  |  | Gain on Extinguishment of Debt |
August |  | Hickory Point Mall |  | Malls |  | Forsyth, IL |  | $ | 27,446 |  |  | $ | 15,446 |
December |  | Burnsville Center |  | Malls |  | Burnsville, MN |  |  | 64,233 |  |  |  | 17,075 |
|  |  |  |  |  |  |  | $ | 91,679 |  |  | $ | 32,521 |
2019 Dispositions Net proceeds realized from the 2019 dispositions were used to reduce the outstanding balances on the Predecessor Company's credit facilities, unless otherwise noted. The following is a summary of the Predecessor 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 Predecessor Company recognized a loss on impairment of $2,284 when it adjusted the book value of the mall to the net sales price based on a signed contract with a third-party buyer. See Note 17 for additional information.
(3) | The Predecessor Company recognized a loss on 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 Predecessor Company realized gains of $6,434 primarily 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 Predecessor Company realized a loss of $33 related to prior period adjustments. The Predecessor Company recognized a gain on extinguishment of debt for the properties listed below, which represented the amount by which the outstanding debt balances exceeded the net book value of the property as of the transfer date.
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 Predecessor Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
(2)The Predecessor 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. In a separate transaction during January 2019, the Predecessor Company 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.

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- Definition The entire disclosure 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 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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