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Discontinued Operations
 6 Months Ended
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.