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Discontinued Operations | 12 Months Ended
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Dec. 31, 2014
Discontinued Operations [Abstract] |
Discontinued Operations | Note 4 –Discontinued Operations Th e results of operations for properties classified as discontinued operations prior to the newly-adopted guidance for repo rting discontinued operations (s ee Note 2 - Summary of Significant Accounting Policies) have been classified as “discontinued operations” for all years presented. 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 op erations:
|  | Years ended December 31,
|  | 2014 |  | 2013 |  | 2012
REVENUES |  |  |  |  |  |
Rents |  | $ 2,698,000 |  | $ 9,963,000 |  | $ 20,608,000
Expense recoveries and other |  | 918,000 |  | 2,754,000 |  | 5,261,000
Total revenues |  | 3,616,000 |  | 12,717,000 |  | 25,869,000
EXPENSES |  |  |  |  |  |
Operating, maintenance and management |  | 783,000 |  | 3,655,000 |  | 7,475,000
Real estate and other property-related taxes |  | 555,000 |  | 2,632,000 |  | 4,184,000
Depreciation and amortization |  | - |  | 1,258,000 |  | 1,385,000
Interest |  | 631,000 |  | 2,455,000 |  | 7,299,000
Early extinguishment of debt costs |  | - |  | 437,000 |  | -
Total expenses |  | 1,969,000 |  | 10,437,000 |  | 20,343,000
INCOME FROM OPERATIONS |  | 1,647,000 |  | 2,280,000 |  | 5,526,000
IMPAIRMENT REVERSALS/(CHARGES), NET |  | 47,000 |  | (3,049,000) |  | (284,000)
GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS |  | 1,423,000 |  | 10,452,000 |  | -
GAIN ON SALES |  | 7,963,000 |  | - |  | 4,679,000
TOTAL INCOME FROM DISCONTINUED OPERATIONS |  | $ 11,080,000 |  | $ 9,683,000 |  | $ 9,921,000
2014 Transactions During 2014, the Company sold or conveyed the following properties classified as discontinued operations:
|  |  |  | Date |  | Sales |  | Gain on
Property |  | Location |  | Sold |  | Price |  | Sale
Harbor Square (f/k/a Shore Mall) |  | Egg Harbor, NJ |  | 2/25/2014 |  | $ 25,000,000 |  | $ -
McCormick Place |  | Olmstead, OH |  | 5/6/2014 |  | 2,679,000 | (a) | -
Gahanna Discount Drug Mart Plaza |  | Columbus, OH |  | 5/27/2014 |  | 4,982,000 | (a) | -
Townfair Center |  | Indiana, PA |  | 5/29/2014 |  | 22,600,000 |  | 1,472,000
Lake Raystown Plaza |  | 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. 2013 Transactions During 201 3, the Company sold or conveyed the following properties classified as discontinued operations:
|  |  |  | Date |  | Sales |  | Gain on
Property |  | Location |  | Sold |  | Price |  | Sale
East Chestnut |  | Lancaster, PA |  | 1/2/2013 |  | $ 3,100,000 |  | $ -
Columbia Mall |  | Bloomsburg, PA |  | 4/17/2013 |  | 2,775,000 |  | -
Heritage Crossing |  | Limerick, PA |  | 5/9/2013 |  | 9,400,000 |  | -
Westlake Discount Drug Mart Plaza |  | Westlake, OH |  | 6/5/2013 |  | 2,240,000 |  | -
Dunmore Shopping Center |  | Dunmore, PA |  | 11/8/2013 |  | 4,000,000 |  | -
Roosevelt II |  | Philadelphia, PA |  | 11/14/2013 |  | 13,878,000 | (a) | -
Oakhurst Plaza |  | Harrisburg, PA |  | 12/11/2013 |  | 11,000,000 |  | -
|  |  |  |  |  | $ 46,393,000 |  | $ -
(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 June 5, 2013, the Company sold, through a short sale, Westlake Discount Drug Mart Plaza for net proceeds of $2.1 million. As of that date, the balance of the mortgage loan payable secured by the sold property, including accrued interest and real estate taxes, totaled $3.4 million. The lender accepted the net proceeds of $2.1 million in full satisfaction of the mortgage loan payable and related accrued interest. As a result, the Company recorded a $1.3 million gain on the extinguishment of a debt obligation during the second quarter of 2013, which is included in discontinuing operations in the accompanying consolidated statements of operations. On November 14, 2013, the Roosevelt II 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 $13.9 million. Based on the $4.7 million carrying value of the property, the Company recorded a $9.2 million gain on the extinguishment of a debt obligation of in the fourth quarter of 2013, which is included in discontinued operations in the accompanying consolidated statements of operations. 2012 Transactions During 201 2, the Company sold the following properties classified as discontinued operations:
|  |  |  | Date |  | Sales |  | Gain on
Property |  | Location |  | Sold |  | Price |  | Sale
Hilliard Discount Drug Mart Plaza |  | Hilliard, OH |  | 2/7/2012 |  | $ 1,434,000 |  | $ -
First Merit Bank at Akron |  | Akron, OH |  | 2/23/2012 |  | 633,000 |  | -
Grove City Discount Drug Mart Plaza |  | Grove City, OH |  | 3/12/2012 |  | 1,925,000 |  | -
CVS at Naugatuck |  | Naugatuck, CT |  | 3/20/2012 |  | 3,350,000 |  | 457,000
CVS at Bradford |  | Bradford, PA |  | 3/30/2012 |  | 967,000 |  | -
CVS at Celina |  | Celina, OH |  | 3/30/2012 |  | 1,449,000 |  | -
CVS at Erie |  | Erie, PA |  | 3/30/2012 |  | 1,278,000 |  | -
CVS at Portage Trail |  | Akron, OH |  | 3/30/2012 |  | 1,061,000 |  | -
Rite Aid at Massillon |  | Massillon, OH |  | 3/30/2012 |  | 1,492,000 |  | -
Kingston Plaza |  | Kingston, NY |  | 4/12/2012 |  | 1,182,000 |  | 293,000
Stadium Plaza |  | East Lansing, MI |  | 5/3/2012 |  | 5,400,000 |  | -
Homburg Joint Venture (seven properties) |  | Various |  | 10/12/2012 |  | 23,642,000 |  | 3,929,000
The Point at Carlisle |  | Carlisle, PA |  | 10/15/2012 |  | 7,350,000 |  | -
|  |  |  |  |  | $ 51,163,000 |  | $ 4,679,000
On October 12, 2012, the Company concluded definitive agreements with Homburg Invest Inc. (“Homburg”) relating to the application of the buy/sell provisions of the joint venture agreements for each of the nine properties owned by the joint venture. In February 2011, Homburg had exercised its buy/sell option pursuant to the terms of the joint venture agreements for each of the nine properties owned by the venture. The Company made elections to purchase Homburg’s 80% interest in two of the nine properties, Meadows Marketplace, located in Hershey, Pennsylvania, and Fieldstone Marketplace, located in New Bedford, Massachusetts. The Company also determined not to meet Homburg’s buy/sell offers for each of the remaining seven properties, which were thereupon treated as “held for sale/conveyance”. Pursuant to the agreements, the Company acquired Homburg’s 80% ownership in Meadows Marketplace, located in Hershey, Pennsylvania, and Fieldstone Marketplace, located in New Bedford, Massachusetts, for approximately $27.3 million, including the assumption of related in-place mortgage financing of $21.8 million, giving the Company a 100% ownership interest in these two properties. As the two properties were previously controlled and consolidated by the Company, the acquisitions of the 80% noncontrolling interests were recorded as a capital transaction. As such, the excess ($7.6 million) of the carrying amount of the noncontrolling interests over amounts paid by the Company was recognized as an increase in the Company’s shareholders’ equity and a corresponding decrease in noncontrolling interests. In addition, the Company sold to Homburg its 20% ownership interest in the remaining seven joint venture properties for approximately $23.6 million, including the assumption of related in-place mortgage financing of $14.5 million. In connection with the transactions, the Company has recorded a gain of $3.9 million relating to the sale of the seven properties. The Company’s property management agreements for the sold properties terminated upon the closing of the sale.

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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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