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SALE AND DISPOSAL OF PROPERTIES, DISCONTINUED OPERATIONS AND IMPAIRMENT (Tables)
12 Months Ended
Dec. 31, 2016
SALE AND DISPOSAL OF PROPERTIES, IMPAIRMENT AND DISCONTINUED OPERATIONS  
Schedule of sale of real estate property

        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.