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Sale of Properties and Properties Held-for-Sale
 6 Months Ended
Jun. 30, 2017
Sale of Properties and Properties Held-for-Sale  
Sale of Properties and Properties Held-for-Sale

 

Note 5 — Sale of Properties and Properties Held-for-Sale

 

Sale of Properties

 

The following chart details the Company’s sales of real estate during the six months ended June 30, 2017 and 2016 (amounts in thousands):

 

Description of Property

 

Date Sold

 

Gross
Sales Price

 

Gain on Sale of
 Real Estate, Net

 

Retail property,
Greenwood Village, Colorado

 

May 8, 2017

 

$
9,500

 

$
6,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio of eight retail properties,
Louisiana and Mississippi

 

February 1, 2016

 

$
13,750

 

$
787

 

Retail property,
Killeen, Texas

 

May 19, 2016

 
3,100

 
980

 

Land,
Sandy Springs, Georgia

 

June 15, 2016

 
8,806

 
2,278

 

Industrial property,
Tomlinson, Pennsylvania

 

June 30, 2016

 
14,800

 
5,660

 

 

 

 

 

 

 

 

 

Totals — six months ended June 30, 2016

 

 

 

$
40,456

 

$
9,705

 

 

 

 

 

 

 

 

 

 

 

 

Properties Held-for-Sale

 

In June 2017, the Company entered into a contract to sell a retail property, tenanted by Kohls and located in Kansas City, Missouri, for $10,250,000. The property was sold on July 14, 2017.  At June 30, 2017, the Company classified the $7,909,000 net book value of the property’s land, building, improvements, unbilled rent receivable, unamortized intangible lease assets and liabilities as Properties held-for-sale in the accompanying balance sheet.  The sale resulted in a gain of approximately $2,181,000, which will be included in Gain on sale of real estate, net, for the three and nine months ending September 30, 2017.  See Note 14 for information on the payoff of the mortgage on this property and the early termination of the interest rate swap derivative.

 

In June 2017, the Company entered into a contract to sell a vacant retail property located in Niles, Illinois previously tenanted by hhgregg, Inc. for $5,000,000 and the buyer’s right to terminate the contract without penalty expired on June 28, 2017.   At June 30, 2017, the Company classified the $3,743,000 net book value of the property’s land, building and improvements as Properties held-for-sale in the accompanying balance sheet.  The sale is expected to close during the three months ending September 30, 2017.