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Sales of Properties and Property Held-for-Sale | 6 Months Ended
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Jun. 30, 2020
Sales of Properties and Property Held-for-Sale |
Sales of Properties and Property Held-for-Sale | Note 5 – Sales of Properties and Property Held-for-Sale Sales of Properties In February 2020, the Company sold a retail property located in Onalaska, Wisconsin for approximately $7,093,000, net of closing costs. The sale resulted in a gain of $4,252,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the six months ended June 30, 2020. In connection with the sale, the Company paid off the $3,332,000 mortgage and incurred a $290,000 debt prepayment cost which was recorded as Prepayment costs on debt in the consolidated statement of income for the six months ended June 30, 2020. In June 2019, the Company sold a property located in Clemmons, North Carolina and owned by a consolidated joint venture in which the Company held a 90% interest, for $5,314,000, net of closing costs, and paid off the $1,705,000 mortgage. The sale resulted in a gain of $1,099,000 which was recorded as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ended June 30, 2019. The non-controlling interest’s share of the gain was $422,000. Property Held-for-Sale In June 2020, the Company entered into a contract to sell a retail property located in Knoxville, Tennessee for $18,000,000. The buyer’s right to terminate the contract without penalty expired on June 29, 2020. At June 30, 2020, the Company classified the $7,661,000 net book value of the property’s land, building and unbilled rent receivable as Property held-for-sale in the accompanying balance sheet. The property was sold on July 1, 2020 and resulted in a gain of $10,316,000. In connection with the sale, the Company paid off the $8,483,000 mortgage; see Note 15 for information on the early termination of the interest rate swap derivative.

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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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