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Assets Held for Sale and Net Gain on Disposition
9 Months Ended
Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale and Net Gain on Disposition Assets Held for Sale and Net Gain on Disposition
We currently have designated two unoccupied properties as held for sale, due to strategic initiatives. At the time that these properties were designated as “held for sale,” we ceased recognizing depreciation expense on these assets. As of September 30, 2017, two properties were designated as held for sale, and as of December 31, 2016, four properties had been designated as held for sale. During that nine months ended September 30, 2017, two properties were sold, as further described below. As of September 30, 2017, and December 31, 2016, the net book value of total assets held for sale was $0.8 million and $2.7 million, respectively, and was included in “other current assets” in our Consolidated Balance Sheets. We are actively marketing the remaining two properties that are designated as held for sale.
For the nine months ended September 30, 2017, we sold two non-operating distribution facilities previously designated as “held for sale,” and a parcel of excess land (the “Property Sales”). We recognized a gain of $6.7 million in the Condensed Consolidated Statements of Income as a result of the Property Sales.