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SALES OF PROPERTIES AND IMPAIRMENT LOSS | 12 Months Ended
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Dec. 31, 2017
SALES OF PROPERTIES AND IMPAIRMENT LOSS |
SALES OF PROPERTIES AND IMPAIRMENT LOSS | NOTE 5—SALES OF PROPERTIES AND IMPAIRMENT LOSS Sales of Properties The following chart details the Company's sales of real estate during 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 |
Retail property, |  |  |  |  |  |  |  |  |
Kansas City, Missouri(a) |  | July 14, 2017 |  |  | 10,250 |  |  | 2,180 |
Retail property, |  |  |  |  |  |  |  |  |
Niles, Illinois |  | August 31, 2017 |  |  | 5,000 |  |  | 1,089 |
Restaurant property, |  |  |  |  |  |  |  |  |
Ann Arbor, Michigan(a)(b) |  | November 14, 2017 |  |  | 2,300 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2017 |  |  |  | $ | 27,050 |  | $ | 9,837 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 |  |  | 8,858 |  |  | 2,331 |
Industrial property, |  |  |  |  |  |  |  |  |
Tomlinson, Pennsylvania |  | June 30, 2016 |  |  | 14,800 |  |  | 5,660 |
Retail property, |  |  |  |  |  |  |  |  |
Island Park, NY |  | December 22, 2016 |  |  | 2,702 |  |  | 213 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  |  |  | 43,210 |  |  | 9,971 |
Partial condemnation of land, |  |  |  |  |  |  |  |  |
Greenwood Village, Colorado(c) |  | July 5, 2016 |  |  | 153 |  |  | 116 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2016 |  |  |  | $ | 43,363 |  | $ | 10,087 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(a) | See Note 11 for information on the payoff of the mortgage on this property and the early termination of the interest rate swap derivative.
(b) | See "—Impairment Loss" for additional information.
(c) | Represents amount received from the Colorado Department of Transportation ("CDOT"), as a result of a partial condemnation of land and easements obtained by CDOT.
In January 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). 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. Sale of Property Subsequent to December 31, 2017 On January 30, 2018, the Company sold a property located in Fort Bend, Texas and owned by a consolidated joint venture in which the Company held an 85% interest, for approximately $9,000,000, net of closing costs, and paid off the $4,400,000 mortgage. This property accounted for less than 1.2% of the Company's rental income, net, during 2017, 2016 and 2015. The Company anticipates recognizing a gain of approximately $2,400,000 during the three months ending March 31, 2018. The non-controlling interest's share of the gain from the transaction will be approximately $800,000. Impairment Loss In November 2017, the Company sold its property formerly tenanted by Joe's Crab Shack, located in Ann Arbor, Michigan. As the sales price was less than the net book value, the Company determined that the property was impaired and recorded an impairment loss of $153,000, representing the difference, at September 30, 2017, between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017.

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