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Discontinued Operations | 12 Months Ended
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Dec. 31, 2015
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 adoption in 2014 of guidance for reporting discontinued op erations:
|  | Years ended December 31,
|  | 2015 |  | 2014 |  | 2013
REVENUES |  |  |  |  |  |
Rents |  | $ 38,000 |  | $ 2,698,000 |  | $ 9,963,000
Expense recoveries and other |  | 1,000 |  | 918,000 |  | 2,754,000
Total revenues |  | 39,000 |  | 3,616,000 |  | 12,717,000
EXPENSES |  |  |  |  |  |
Operating, maintenance and management |  | 20,000 |  | 783,000 |  | 3,655,000
Real estate and other property-related taxes |  | 7,000 |  | 555,000 |  | 2,632,000
Depreciation and amortization |  | - |  | - |  | 1,258,000
Interest |  | - |  | 631,000 |  | 2,455,000
Early extinguishment of debt costs |  |  |  | - |  | 437,000
Total expenses |  | 27,000 |  | 1,969,000 |  | 10,437,000
Income from operations |  | 12,000 |  | 1,647,000 |  | 2,280,000
Impairment reversals / (charges) |  | 153,000 |  | 47,000 |  | (3,049,000)
Gain on extinguishment of debt obligations |  | - |  | 1,423,000 |  | 10,452,000
Gain on sales |  | - |  | 7,963,000 |  | -
Total income from discontinued operations |  | $ 165,000 |  | $ 11,080,000 |  | $ 9,683,000
201 5 Transaction On February 2, 2015, the Company sold Huntingdon Plaza, located in Huntingdon, Pennsylvania, for $2.2 million. Upon the sale of Huntingdon Plaza, the Company has no other properties for which the results are classified under the prior accounting guidance for discontinued operations. 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.

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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 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 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 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 4: 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 5: 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 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 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 8: 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 9: 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 + Details
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