Disposed Properties |
Disposed Properties Continuing operations The following retail properties were disposed of during the year ended December 31, 2018: | | | | | | | | | | | | | | | | | | | Date | | Property | | Square Feet | | Gross Disposition Price | | Gain (Loss) on Sale and Transfer of Investment Properties, net | | Gain (Loss) on Extinguishment of Debt (d) | January 9, 2018 | | Sherman Town Center I & II | | 485,000 |
| | $ | 63,000 |
| | $ | 12,382 |
| | $ | — |
| January 25, 2018 | | Grafton Commons | | 239,000 |
| | 33,500 |
| | 6,564 |
| | — |
| March 8, 2018 | | Lakeport Commons | | 283,000 |
| | 31,000 |
| | (666 | ) | | — |
| March 21, 2018 | | Stonecrest Marketplace (a) | | 265,000 |
| | — |
| | 1,777 |
| | 10,752 |
| March 31, 2018 | | Northwest Marketplace (b) | | — |
| | — |
| | 248 |
| | — |
| April 17, 2018 | | Market at Morse/Hamilton | | 45,000 |
| | 10,000 |
| | 1,592 |
| | — |
| May 24, 2018 | | Siegen Plaza | | 156,000 |
| | 29,000 |
| | 3,849 |
| | (54 | ) | June 20, 2018 | | Tomball Town Center | | 67,000 |
| | 22,750 |
| | 7,184 |
| | — |
| June 26, 2018 | | Bellerive Plaza (c) | | 76,000 |
| | — |
| | (22 | ) | | 1,694 |
| June 28, 2018 | | Parkway Centre North | | 143,000 |
| | 23,700 |
| | 5,357 |
| | (1,695 | ) | September 14, 2018 | | Tulsa Hills | | 473,000 |
| | 70,000 |
| | 13,476 |
| | — |
| October 5, 2018 | | McKinney Town Center | | 243,000 |
| | 51,000 |
| | 15,430 |
| | — |
| October 5, 2018 | | Riverstone Shopping Center | | 273,000 |
| | 27,750 |
| | (320 | ) | | (1,540 | ) | October 23, 2018 | | Hiram Pavilion | | 363,000 |
| | 44,350 |
| | 22,124 |
| | — |
| November 19, 2018 | | Poplin Place | | 228,000 |
| | 28,300 |
| | 2,841 |
| | — |
| November 20, 2018 | | Walden Park | | 34,000 |
| | 5,325 |
| | 5 |
| | — |
| December 20, 2018 | | Streets of Cranberry | | 108,000 |
| | 26,500 |
| | 3,276 |
| | — |
| | | | | 3,481,000 |
| | $ | 466,175 |
| | $ | 95,097 |
| | $ | 9,157 |
|
| | (a) | On March 21, 2018, the Company surrendered Stonecrest Marketplace, with a carrying value of $23,932, to the lender in satisfaction of non-recourse debt with an initial maturity date of March 1, 2017 and recognized a gain on transfer of assets, net, of $1,777. The Company is not aware of any material outstanding commitments and contingencies related to Stonecrest Marketplace. |
| | (b) | The Company recognized a gain on sale of $248 related to the completion of a partial condemnation at this retail property. |
| | (c) | On June 26, 2018, the Company surrendered Bellerive Plaza, with a carrying value of $4,771, to the lender in satisfaction of non-recourse debt with an initial maturity date of June 1, 2017. The Company recognized a loss on transfer of assets, net, of $22. The Company is not aware of any material outstanding commitments and contingencies related to Bellerive Plaza. |
| | (d) | In addition to the gain or loss on extinguishment of debt recognized as a result of the disposition of retail properties, the Company extinguished an additional loan on a retail property resulting in a loss on debt extinguishment of $4. |
In aggregate, the Company recognized net proceeds of $430,514 from the sales, surrender, and condemnation of these retail properties on the consolidated statement of cash flows during the year ended December 31, 2018. The following retail properties were disposed of during the year ended December 31, 2017: | | | | | | | | | | | | | | | | | | | Date | | Property | | Square Feet | | Gross Disposition Price | | Gain (Loss) on Sale and Transfer of Investment Properties, net | | Gain (Loss) on Extinguishment of Debt | January 10, 2017 | | Penn Park | | 242,000 |
| | $ | 29,050 |
| | $ | 1,021 |
| | $ | — |
| May 17, 2017 | | Intech Retail (a) | | — |
| | — |
| | (52 | ) | | 882 |
| May 19, 2017 | | Sparks Crossing | | 336,000 |
| | 40,280 |
| | 10,559 |
| | — |
| June 23, 2017 | | Lincoln Village | | 164,000 |
| | 30,000 |
| | 2,355 |
| | — |
| June 30, 2017 | | Market at Westlake (b) | | — |
| | — |
| | 473 |
| | — |
| July 31, 2017 | | Pavilions at Hartman Heritage | | 223,000 |
| | 21,700 |
| | (1,736 | ) | | — |
| July 31, 2017 | | Legacy Crossing | | 134,000 |
| | 10,250 |
| | (211 | ) | | (1 | ) | September 28, 2017 | | Heritage Plaza | | 132,000 |
| | 21,350 |
| | 9,189 |
| | (41 | ) | November 7, 2017 | | Crossroads at Chesapeake (c) | | — |
| | 1,250 |
| | 834 |
| | — |
| December 21, 2017 | | Scofield Crossing (d) | | — |
| | 2,936 |
| | 2,247 |
| | — |
| December 28, 2017 | | Dothan Plaza | | 327,000 |
| | 33,750 |
| | (613 | ) | | — |
| | | | | 1,558,000 |
| | $ | 190,566 |
| | $ | 24,066 |
| | $ | 840 |
|
| | (a) | On May 17, 2017, the Company surrendered Intech Retail, with a carrying value of $2,338, to the lender in satisfaction of non-recourse debt with an initial maturity date of November 1, 2016 and recognized a loss on transfer of assets, net, of $52. The Company is not aware of any material outstanding commitments and contingencies related to Intech Retail. |
| | (b) | The Company recognized a gain on sale of $473 related to the completion of a partial condemnation at this retail property. |
| | (c) | The Company recognized a gain on sale of $834 from the disposal of a single-user outparcel at this retail property. |
| | (d) | The Company recognized a gain on sale of $2,247 from the disposal of a single-user outparcel at this retail property. |
In aggregate, the Company recognized net proceeds of $233,686 from the sales, surrender, and condemnation of these retail properties and the disposition of Worldgate Plaza on the consolidated statement of cash flows during the year ended December 31, 2017. Discontinued operations On August 30, 2017, the Company sold Worldgate Plaza for a gross disposition price of $53,500, and recognized a gain on the sale of this property of $10,115 as part of income from discontinued operations on the 2017 consolidated statements of operations and comprehensive income. Discontinued operations for the year ended December 31, 2016 also includes Highlands and University House. | | | | | | | | | | Year ended December 31, | | 2017 | | 2016 | Total income | $ | 3,935 |
| | $ | 92,329 |
| Depreciation and amortization expense | 1,205 |
| | 32,667 |
| Other expenses | 2,308 |
| | 36,487 |
| Provision for asset impairment | — |
| | 106,514 |
| Operating income (loss) from discontinued operations | 422 |
| | (83,339 | ) | Interest expense, income taxes, and other miscellaneous income | (6,696 | ) | | (17,983 | ) | Equity in losses of unconsolidated entity | — |
| | (19 | ) | Gain on sale of investment in unconsolidated entity | — |
| | 1,434 |
| Gain on sale of properties, net | 10,115 |
| | 236,256 |
| Loss on extinguishment of debt | (2 | ) | | (2,826 | ) | Net income from discontinued operations | 3,839 |
| | 133,523 |
| Net income from discontinued operations attributable to Company | $ | 3,839 |
| | $ | 133,523 |
| Weighted average number of common shares outstanding, basic and diluted | 773,445,341 |
| | 854,638,497 |
| Net income per common share, from discontinued operations, basic and diluted | $ | — |
| | $ | 0.15 |
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