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Sale of Properties and Property Held-for-Sale | 9 Months Ended
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Sep. 30, 2019
Sale of Properties and Property Held-for-Sale |
Sale of Properties and Property Held-for-Sale | Note 6 – Sale of Properties and Property Held-for-Sale Sale of Properties The following chart details the Company’s sales of real estate during the nine months ended September 30, 2019 and 2018 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property |  | Date Sold |  | Sales Price |  | Real Estate, Net | ​
Retail property, |  |  |  | ​ |  |  | ​ |  | ​
Clemmons, North Carolina (a) | ​ | June 20, 2019 | ​ | $ | 5,500 | ​ | $ | 1,099 | (b)
Retail property, | ​ |  | ​ |  |  | ​ |  |  | ​
Athens, Georgia | ​ | August 23, 2019 | ​ |  | 6,050 | ​ |  | 1,045 | (c)
Land, | ​ |  | ​ |  |  | ​ |  |  | ​
Wheaton, Illinois | ​ | August 29, 2019 | ​ |  | 12,035 | ​ |  | 1,499 | ​
Totals – nine months ended September 30, 2019 | ​ |  | ​ | $ | 23,585 | ​ | $ | 3,643 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail property, | ​ |  | ​ |  |  | ​ |  |  | ​
Fort Bend, Texas (d) | ​ | January 30, 2018 | ​ | $ | 9,200 | ​ | $ | 2,408 | ​
Land, | ​ |  | ​ |  |  | ​ |  |  | ​
Lakemoor, Illinois | ​ | September 14, 2018 | ​ |  | 8,459 | ​ |  | 4,585 | (e)
Totals – nine months ended September 30, 2018 | ​ | ​ | ​ | $ | 17,659 | ​ | $ | 6,993 | ​
​ Note 6 – Sale of Properties and Property Held-for-Sale (Continued)
| (a) | This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422.
| (b) | Excludes prepayment costs on debt related to a swap termination fee of $40 included in mortgage interest expense.
| (c) | Excludes prepayment costs on debt related to a swap termination fee of $161 included in mortgage interest expense.
| (d) | 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.
| (e) | 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.
​ Property Held-for-Sale In July 2019, the Company entered into a contract to sell a retail property located in Houston, Texas for $1,675,000. The buyer’s right to terminate the contract without penalty expired on August 22, 2019. At September 30, 2019, the Company classified the $1,227,000 net book value of the property’s land, building and improvements, unbilled rent receivable and prepaid leasing commissions as Property held-for-sale in the accompanying balance sheet. The property was sold on October 21, 2019 and resulted in a gain of approximately $218,000, which will be included in Gain on sale of real estate, net, for the three months and year ending December 31, 2019.

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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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