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Discontinued Operations | 6 Months Ended
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Jun. 30, 2014
Discontinued Operations [Abstract] |
Discontinued Operations | Note 4 – Discontinued Operations The following is a summary of the components of income from discontinued operations applicable to properties classified as such prior to the newly-adopted guidance for reporting discontinued operations (See Note 2 - Summary of Significant Accounting Policies):
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
REVENUES |  |  |  |  |  |  |  |
Rents |  | $ 1,106,000 |  | $ 2,665,000 |  | $ 2,822,000 |  | $ 5,585,000
Expense recoveries and other |  | 210,000 |  | 654,000 |  | 1,140,000 |  | 1,500,000
Total revenues |  | 1,316,000 |  | 3,319,000 |  | 3,962,000 |  | 7,085,000
EXPENSES |  |  |  |  |  |  |  |
Operating, maintenance and management |  | 215,000 |  | 864,000 |  | 935,000 |  | 2,551,000
Real estate and other property-related taxes |  | 120,000 |  | 644,000 |  | 602,000 |  | 1,301,000
Depreciation and amortization |  | - |  | 311,000 |  | - |  | 632,000
Interest |  | 230,000 |  | 631,000 |  | 644,000 |  | 1,340,000
Early extinguishment of debt costs, net |  | - |  | - |  | (13,000) |  | 437,000
Total expenses |  | 565,000 |  | 2,450,000 |  | 2,168,000 |  | 6,261,000
INCOME FROM OPERATIONS |  | 751,000 |  | 869,000 |  | 1,794,000 |  | 824,000
IMPAIRMENT REVERSALS, NET |  | 183,000 |  | - |  | 119,000 |  | -
GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS |  | 1,423,000 |  | 1,298,000 |  | 1,423,000 |  | 1,298,000
GAIN ON SALES |  | 7,963,000 |  | - |  | 7,963,000 |  | -
TOTAL INCOME FROM DISCONTINUED OPERATIONS |  | $ 10,320,000 |  | $ 2,167,000 |  | $ 11,299,000 |  | $ 2,122,000
During the six months ended June 30, 2014, the Company sold the following properties:
|  | Percent |  |  |  | Date |  | Sales |  | Gain on
Property |  | Sold |  | Location |  | Sold |  | Price |  | Sale
Continuing operations: |  |  |  |  |  |  |  |  |  |
Fairview Plaza |  | 100% |  | New Cumberland, PA |  | 5/27/2014 |  | $ 12,450,000 |  | $ 3,810,000
Discontinued operations: |  |  |  |  |  |  |  |  |  |
Harbor Square (f/k/a Shore Mall) |  | 100% |  | Egg Harbor, NJ |  | 2/25/2014 |  | $ 25,000,000 |  | $ -
McCormick Place |  | 100% |  | Olmstead, OH |  | 5/6/2014 |  | 2,679,000 | (a) | -
Gahanna Discount Drug Mart Plaza |  | 100% |  | Columbus, OH |  | 5/27/2014 |  | 4,982,000 | (a) | -
Townfair Center |  | 100% |  | Indiana, PA |  | 5/29/2014 |  | 22,600,000 |  | 1,472,000
Lake Raystown Plaza |  | 100% |  | Huntingdon, PA |  | 6/25/2014 |  | 19,500,000 |  | 6,491,000
|  |  |  |  |  |  |  | $ 74,761,000 |  | $ 7,963,000
(a) Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer.
On May 6, 2014, the McCormick Place lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $2.7 million. Based on the $1.8 million carrying value of the property, the Company recorded a $0.8 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations. On May 27, 2014, the Gahanna Discount Drug Mart Plaza lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $5.0 million. Based on the $4.3 million carrying value of the property, the Company recorded a $0.6 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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