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Disposed Properties
12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
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