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Discontinued Operations
 12 Months Ended
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 operations:

 

 

 

 

 

 

 

 

 

 

 

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 

 

 

 

2015 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 2013, 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.