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Real Estate | 12 Months Ended
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Dec. 31, 2015
Real Estate [Abstract] |
Real Estate | Note 3. Real Estate Real estate activity for 2015 and 2014 is comprised of the following:
|  | Years ended December 31,
|  | 2015 |  | 2014
Cost |  |  |  |
Balance, beginning of year |  | $ 1,476,173,000 |  | $ 1,450,951,000
Properties held for sale |  | (4,599,000) |  | (81,223,000)
Properties acquired |  | 65,313,000 |  | 91,241,000
Impairments |  | - |  | (6,000)
Improvements and betterments |  | 13,140,000 |  | 15,210,000
Balance, end of the year |  | $ 1,550,027,000 |  | $ 1,476,173,000
Accumulated depreciation |  |  |  |
Balance, beginning of the year |  | $ 267,211,000 |  | $ 251,605,000
Properties held for sale |  | (1,380,000) |  | (18,523,000)
Depreciation expense |  | 35,001,000 |  | 34,129,000
Balance, end of the year |  | $ 300,832,000 |  | $ 267,211,000
Net book value |  | $ 1,249,195,000 |  | $ 1,208,962,000
At December 31, 2015, certain of the Company’s shopping center properties were pledged as collateral for mortgage loans payable. See Note 9 - “Mortgage Loans Payable and Credit Facilities”. 2015 Acquisitions On January 23, 2015, the Company acquired the New London Mall joint venture partner’s 60% ownership interest, giving the Company a 100% ownership interest in this property, which is located in New London, Connecticut. The purchase price for the interest was $27.3 million, consisting of $10.9 million in cash, and $16.4 million representing the 60% share of the in-place mortgage financing. As the property was previously controlled and consolidated by the Company, the acquisition of the 60% noncontrolling ownership interest was recorded as a capital transaction. On February 27, 2015, the Company acquired Lawndale Plaza, located in Philadelphia, Pennsylvania. The purchase price for the property, which was unencumbered, was $25.2 million. The Company incurred costs of $0.5 million in connection with this acquisition. On December 23, 2015, the Company acquired East River Park, located in Washington D.C. The purchase price for the property was $39.0 million, of which $20.5 million was funded from the assumption of a mortgage loan payable bearing interest at the rate of 3.9% per annum and maturing in September 2022. The Company incurred costs of $0.7 million in connection with this acquisition. In addition, the purchase price has been preliminarily allocated to real estate assets and liabilities assumed, as applicable, in accordance with accounting policies for business combinations, with such valuations to be finalized when valuation studies are complete. 2014 Acquisition On March 21, 2014, the Company acquired Quartermaster Plaza located in Philadelphia, Pennsylvania. The purchase price for the property was approximately $92.3 million, of which approximately $53.4 million was funded from the assumption of (1) a $42.1 million mortgage loan payable, bearing interest at the rate of 5.3% per annum and maturing in October 2015, and (2) an $11.3 million mortgage loan payable, bearing interest at the rate of 5.5% per annum and payable in October 2014 (repaid in June 2014), with the remainder being funded from the Company’s unsecured revolving credit facility. The Company incurred costs of $2.9 million in connection with this acquisition. Properties Held For Sale Subsequent to December 31, 2013 At December 31, 2015, Liberty Marketplace, located in Dubois, Pennsylvania was classified as real estate held for sale. On February 11, 2016, the Company sold the property for $15.0 million, which approximated its carrying value. In addition, during 2015 and 2014, the Company sold the properties listed below which did not meet the criteria set forth in the guidance for reporting discontinued operations that was adopted in 2014:
|  |  |  | Date |  | Sales |  | Gain on
Property |  | Location |  | Sold |  | Price |  | Sale
2015 |  |  |  |  |  |  |  |
Kenley Village |  | Hagerstown, MD |  | 5/28/2015 |  | $ 2,275,000 |  | $ -
Circle Plaza |  | Shamoking Dam, PA |  | 7/22/2015 |  | 1,800,000 |  | -
|  |  |  |  |  | $ 4,075,000 |  | $ -
2014 |  |  |  |  |  |  |  |
Fairview Plaza |  | New Cumberland, PA |  | 5/27/2014 |  | $ 12,450,000 |  | $3,810,000
Carbondale Plaza |  | Carbondale, PA |  | 7/18/2014 |  | 10,700,000 |  | 123,000
Virginia Little Creek |  | Norfolk, VA |  | 8/22/2014 |  | 9,850,000 |  | 2,209,000
Annie Land Plaza |  | Lovingston, VA |  | 9/26/2014 |  | 3,500,000 |  | -
Smithfield Plaza |  | Smithfield, VA |  | 10/21/2014 |  | 12,350,000 |  | -
St. James Square |  | Hagerstown, MA |  | 11/5/2014 |  | 4,125,000 |  | 271,000
|  |  |  |  |  | $ 52,975,000 |  | $6,413,000
The Company recorded reversals of impairments of $0.2 million in 2015, in addition to impairment charges of $3.4 million in 2014, relating to these properties, which are included in continuing operations in the accompanying consolidated statements of operations. Land Parcels During 2014 and 2013, the Company sold the following land parcels:
|  |  |  | Date |  | Sales |  | Gain on
Property |  | Location |  | Sold |  | Price |  | Sale
2014 |  |  |  |  |  |  |  |
Blue Mountain Commons land parcel |  | Harrisburg, PA |  | 10/22/2014 |  | $ 350,000 |  | $ -
2013 |  |  |  |  |  |  |  |
Huntingdon Plaza land parcel |  | Huntingdon, PA |  | 3/29/2013 |  | $ 390,000 |  | $ 266,000
Upland Square land parcel |  | Pottstown, PA |  | 11/8/2013 |  | 1,700,000 |  | 215,000
Oregon Pike land parcel |  | Lancaster, PA |  | 12/23/2013 |  | 1,451,000 |  | -
|  |  |  |  |  | $ 3,541,000 |  | $ 481,000
The Company recorded reversals of impairments of $0.3 million in 2014, in addition to impairment charges of $0.9 million in 2013, respectively, relating to land parcels, which are included in continuing operations in the accompanying consolidated statements of operations.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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