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SALE AND DISPOSAL OF PROPERTIES, IMPAIRMENT AND DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2016
SALE AND DISPOSAL OF PROPERTIES, IMPAIRMENT AND DISCONTINUED OPERATIONS |
SALE AND DISPOSAL OF PROPERTIES, IMPAIRMENT AND DISCONTINUED OPERATIONS | NOTE 5—SALE AND DISPOSAL OF PROPERTIES, IMPAIRMENT AND DISCONTINUED OPERATIONS Sales of Properties The following chart details the Company's sales of real estate during the year ended December 31, 2016 (amounts in thousands):
Description of Property |  | Date Sold |  | Gross Sales Price |  | Gain on Sale of 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 |  |  | 8,858 |  |  | 2,331 |
Industrial property, Tomlinson, Pennsylvania(c) |  | June 30, 2016 |  |  | 14,800 |  |  | 5,660 |
Retail property, Island Park, NY(d) |  | December 22, 2016 |  |  | 2,702 |  |  | 213 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  |  | 43,210 |  |  | 9,971 |
Partial condemnation of land, Greenwood Village, Colorado(e) |  | July 5, 2016 |  |  | 153 |  |  | 116 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals |  |  |  | $ | 43,363 |  | $ | 10,087 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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 also 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) | Included in the gross sales price were insurance and other proceeds of an aggregate of $552 received during 2013 and 2014 related to property damages from a hurricane. As a result of the sale, the Company wrote-off, as an adjustment to Gain on sale of real estate, net, $55 of unbilled straight-line rent receivable, $89 of tenant origination costs and $99 of intangible lease liabilities.
(e) | During 2016, the Company received $484 from the Colorado Department of Transportation ("CDOT"), and has been advised by CDOT that it will remit to the Company an additional $25, as a result of a partial condemnation of land and easements obtained by CDOT at the Company's Greenwood Village, Colorado property. Of this aggregate of $509, $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.
On January 13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for $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 year ended December 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 was $1,320,000 and is included in net income attributable to non-controlling interests. On October 15, 2014, the Company sold a property located in Parsippany, New Jersey for $38,611,000, net of closing costs, and the write-off of unbilled rent receivable, resulting in a gain of $10,180,000, which is recorded as Gain on sale of real estate, net, for the year ended December 31, 2014. In connection with the sale, the Company paid off the $13,417,000 mortgage balance on this property and incurred a $1,581,000 expense for the early termination of the mortgage (included in Prepayment costs on debt). Impairment of Property During the year ended December 31, 2014, the Company determined there were indicators of impairment at its property located in Morrow, Georgia. The tenant did not renew the lease which expired October 31, 2014, efforts to re-let the property were unsuccessful and the non-recourse mortgage on the property matured on November 1, 2014. Management determined that the undiscounted cash flows in the test for recoverability were less than the property's carrying amount, and that the fair value of the property was less than its carrying amount. Accordingly, the Company recorded an impairment loss of $1,093,000 which is included in the accompanying consolidated statement of income for the year ended December 31, 2014. The property was acquired by the mortgagee on January 6, 2015 through a foreclosure proceeding. There were no property impairments during the years ended December 31, 2016 and 2015. Discontinued Operations Income from discontinued operations from the February 2014 sale of two properties located in Michigan was $13,000 resulting from rental income of $141,000 less interest and real estate expenses totaling $128,000.

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