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Sales of Properties | 9 Months Ended
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Sep. 30, 2018
Sales of Properties |
Sales of Properties | Note 5 — Sales of Properties On January 1, 2018, the Company adopted ASU No. 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, using the modified retrospective transition method. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The Company re-assessed and determined there were no open contracts or partial sales and as such, the adoption of this ASU did not (i) result in a cumulative adjustment as of January 1, 2018, and (ii) have any impact on the Company’s consolidated financial statements. The following chart details the Company’s sales of real estate during the nine months ended September 30, 2018 and 2017 (amounts in thousands):
|  |  |  | Gross |  | Gain on Sale of Real |
Description of Property |  | Date Sold |  | Sales Price |  | Estate, Net |
Retail property, |  |  |  |  |  |  |  |  |
Fort Bend, Texas (a) |  | January 30, 2018 |  | $ | 9,200 |  | $ | 2,408 |
Land, |  |  |  |  |  |  |  |  |
Lakemoor, Illinois |  | September 14, 2018 |  |  | 8,459 |  |  | 4,585 | (b)
Totals – nine months ended September 30, 2018 |  |  |  | $ | 17,659 |  | $ | 6,993 |
Retail property, |  |  |  |  |  |  |  |  |
Greenwood Village, Colorado |  | May 8, 2017 |  | $ | 9,500 |  | $ | 6,568 |
Retail property, |  |  |  |  |  |  |  |  |
Kansas City, Missouri (c) |  | July 14, 2017 |  |  | 10,250 |  |  | 2,180 |
Retail property, |  |  |  |  |  |  |  |  |
Niles, Illinois |  | August 31, 2017 |  |  | 5,000 |  |  | 1,089 |
Totals – nine months ended September 30, 2017 |  |  |  | $ | 24,750 |  | $ | 9,837 |
| (a) |  | This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776.
| (b) |  | Includes $5,717, representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease.
| (c) |  | See Note 15 for information on the early termination of the interest rate swap derivative associated with the mortgage that was paid off on this property.
The Company determined it would recognize the full gain on the sales of the Fort Bend, Texas and Lakemoor, Illinois properties in accordance with ASC 610-20 as the Company has no (i) controlling financial interest in either of the properties and (ii) continuing interest or obligation with respect to the properties sold.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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