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Sale and Disposal of Properties and Discontinued Operations
 3 Months Ended
Mar. 31, 2015
Sale and Disposal of Properties and Discontinued Operations  
Sale and Disposal of Properties and Discontinued Operations

 

 

Note 5 — Sale and Disposal of Properties and Discontinued Operations

 

On January 13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for approximately $16,025,000, net of closing costs.  The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the three months ended March 31, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt) and a $249,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). The non-controlling interest’s share of income from the transaction is $1,320,000.

 

On January 6, 2015, the Company’s property located in Morrow, Georgia was acquired by the mortgagee through a foreclosure proceeding.

 

On February 3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs.  At December 31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties. Income from discontinued operations applicable to these properties for the three months ended March 31, 2014 totaled $13,000 which was comprised of rental income of $141,000 less real estate expenses of $17,000 and mortgage interest of $111,000.