Disposition of Properties

9 Months Ended

Sep. 30, 2016

Disposition of Properties [Abstract]

Disposition of Properties

Disposition of Properties

Fort Myers

In January 2016, we sold our outlet center in Fort Myers, Florida located near Sanibel Island for net proceeds of approximately $25.8 million. The proceeds from the sale of this unencumbered asset were used to pay down balances outstanding under our unsecured lines of credit.

Myrtle Beach Hwy 501

In September 2016, we sold an outparcel at our outlet center in Myrtle Beach, South Carolina located near Highway 501 for net proceeds of approximately $2.9 million. The net proceeds are recorded as restricted cash as of September 30, 2016 because they are being held by a qualified intermediary under Section 1031 of the Internal Revenue Code of 1986, as amended.

The following table sets forth certain summarized information regarding the properties sold during the nine months ended September 30, 2016:

Properties	Locations	Date Sold	Square Feet (in 000's)	Net Sales Price (in 000's)		Gain on Sale(in 000's)
Operating Properties:
Sanibel Center	Fort Myers, Florida	January 2016	199	$	25,785	$	4,887
Nonoperating properties:
Outparcel	Myrtle Beach, South Carolina	September 2016	—	$	2,921	$	1,418
Total			199	$	28,706	$	6,305

The rental property sold did not meet the criteria for reporting discontinued operations, thus its results of operations have remained in continuing operations.