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Real Estate | 12 Months Ended
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Dec. 31, 2016
Real Estate [Abstract] |
Real Estate | Note 3. Real Estate Real estate activity for 2016 and 2015 is composed of the following:
|  | Years ended December 31, |
|  | 2016 |  |  | 2015 |
Cost |  |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 1,550,027,000 |  |  | $ | 1,476,173,000 |
Properties transferred to held for sale |  |  | (96,596,000 | ) |  |  | (4,599,000 | )
Properties acquired |  |  | 39,456,000 |  |  |  | 65,313,000 |
Write-off fully-depreciated assets |  |  | (12,130,000 | ) |  |  | — |
Improvements and betterments |  |  | 15,672,000 |  |  |  | 13,140,000 |
Balance, end of the year |  | $ | 1,496,429,000 |  |  | $ | 1,550,027,000 |
Accumulated depreciation |  |  |  |  |  |  |  |
Balance, beginning of the year |  | $ | 300,832,000 |  |  | $ | 267,211,000 |
Properties transferred held for sale |  |  | (11,280,000 | ) |  |  | (1,380,000 | )
Write-off fully-depreciated assets |  |  | (12,130,000 | ) |  |  | — |
Depreciation expense |  |  | 35,648,000 |  |  |  | 35,001,000 |
Balance, end of the year |  | $ | 313,070,000 |  |  | $ | 300,832,000 |
Net book value |  | $ | 1,183,359,000 |  |  | $ | 1,249,195,000 |
At December 31, 2016, 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”. 2017 Acquisition On February 22, 2017, the Company acquired Christina Crossing, located in Wilmington, Delaware. The purchase price for the property, which was unencumbered, was $29.3 million. 2016 Acquisitions On February 25, 2016, the Company acquired Shoppes at Arts District, located in Hyattsville, Maryland. The purchase price for the property was $20.5 million, of which $8.5 million was funded from the assumption of a mortgage loan payable bearing interest at the rate of 5.2% per annum and maturing in April 2022. On May 4, 2016, the Company acquired Glenwood Village, located in Bloomfield, New Jersey. The purchase price for the property, which was unencumbered, was $19.5 million. 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. Properties Held For Sale Subsequent to December 31, 2013 During 2016, 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 |
2016 |  |  |  |  |  |  |  |  |  |  |  |
Liberty Marketplace |  | Dubois, PA |  | 2/11/2016 |  | $ | 15,000,000 |  |  | $ | - |
Upland Square |  | Pottstown, PA |  | 11/2/2016 |  |  | 83,250,000 |  | (a) |  | — |
|  |  |  |  |  | $ | 98,250,000 |  |  | $ | - |
2015 |  |  |  |  |  |  |  |  |  |  |  |
Kenley Village |  | Hagerstown, MD |  | 5/28/2015 |  | $ | 2,275,000 |  |  | $ | - |
Circle Plaza |  | Shamokin 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 |  |  |  | — |
Blue Mountain Commons land parcel |  | Harrisburg, PA |  | 10/22/2014 |  |  | 350,000 |  |  |  | — |
St. James Square |  | Hagerstown, MA |  | 11/5/2014 |  |  | 4,125,000 |  |  |  | 271,000 |
|  |  |  |  |  | $ | 53,325,000 |  |  | $ | 6,413,000 |
| (a) | The company recorded a $6.3 million impairment charge in connection with the sale of this property.
The Company recorded impairment charges of $6.3 million and $3.1 million in 2016 and 2014, respectively, in addition to reversals of impairments of $0.2 million in 2015, relating to these properties, 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 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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