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Sale of Properties (Tables) | 9 Months Ended
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Sep. 30, 2016
Sale of Properties |
Schedule of sale of real estate property | The following chart details the Company’s sales of real estate during the nine months ended September 30, 2016 (amounts in thousands):
|  |  |  | Gross |  | Gain on Sales of |
Description of Property |  | Date Sold |  | Sales Price |  | Real Estate, Net |
Portfolio of eight retail properties, Louisiana and Mississippi (a) |  | February 1, 2016 |  | $ | 13,750 |  | $ | 787 |
Retail property, Killeen, Texas (b) |  | May 19, 2016 |  | 3,100 |  | 980 |
Land - River Crossing Apartments, Sandy Springs, Georgia |  | June 15, 2016 |  | 8,808 |  | 2,281 |
Industrial property, Tomlinson, Pennsylvania (c) |  | June 30, 2016 |  | 14,800 |  | 5,660 |
Partial condemnation of land, Greenwood Village, Colorado (d) |  | July 5, 2016 |  | 153 |  | 116 |
Totals |  |  |  | $ | 40,611 |  | $ | 9,824 |
| (a) |  | In connection with the sale, the Company paid off the $7,801 mortgage balance on these properties and incurred a $380 expense for the early termination of the mortgage (included in Prepayment costs on debt) and a $26 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $706 of unbilled straight-line rent receivable, $79 of intangible lease assets and $54 of tenant origination costs. At December 31, 2015, the Company classified the net book value of the land and buildings, intangible lease assets and tenant origination costs totaling $12,259 as Properties held-for-sale.
| (b) |  | As a result of the sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $37 of unbilled straight-line rent receivable.
| (c) |  | In connection with the sale, the Company paid off the $5,272 mortgage balance on this property and incurred a $154 swap termination fee (included in Prepayment costs on debt) and a $30 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). As a result of the sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $1,262 of unbilled straight-line rent receivable, $36 of intangible lease assets and $75 of tenant origination costs.
| (d) |  | Of an aggregate of $509 (of which $466 the Company has received from the Colorado Department of Transportation (“CDOT”), and $43 that CDOT has advised it will remit to the Company), $153 is attributable to the partial condemnation of land. The Company recognized a $116 Gain on sale of real estate, net, as a result of this partial condemnation. See Note 8 for information regarding the $356 balance.

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