Property Dispositions, Discontinued Operations and Real Estate Impairment

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions, Discontinued Operations and Real Estate Impairment

Property Dispositions, Discontinued Operations and Real Estate Impairment

During the six months ended June 30, 2016, the Company disposed of its interests in various properties, including land investments, for an aggregate gross sales price of $166,834. During the six months ended June 30, 2015, the Company disposed of its interest in various properties for an aggregate gross sales price of $82,025, and conveyed certain properties along with their escrow deposits in satisfaction of a $30,293 non-recourse secured mortgage loan. In addition, during the six months ended June 30, 2015, the Company disposed of a vacant retail property, with a zero basis, upon the expiration of the related ground lease. During the six months ended June 30, 2016 and 2015, the Company recognized aggregate gains on sales of properties of $42,341 and $23,151, respectively. In addition, during the six months ended June 30, 2016 and 2015, the Company recognized aggregate debt satisfaction gains (charges), net of $(3,321) and $10,466, respectively, relating to disposed properties. The results of operations for properties disposed of in 2016 and 2015, that were not classified as held for sale as of December 31, 2014, are included within continuing operations in the unaudited condensed consolidated financial statements. As of June 30, 2016, the Company had three properties classified as held for sale.

Assets and liabilities of held for sale properties as of June 30, 2016 and December 31, 2015 consisted of the following:

	June 30, 2016			December 31, 2015
Assets:
Real estate, at cost	$	21,776		$	16,590
Real estate, intangible assets	7,691			10,786
Accumulated depreciation and amortization	(10,609		)	(4,069		)
Rent receivable - deferred	929			1,118
Deferred leasing costs, net	975			—
Other assets	283			—
	$	21,045		$	24,425
Liabilities:
Mortgage payable	$	—		$	8,373
Other	515			32
	$	515		$	8,405

The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability and the potential sale or transfer of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. As a result, during the six months ended June 30, 2016 and 2015, the Company recognized impairment charges of $3,014 and $1,252, respectively. The Company determined that the expected undiscounted cash flows based upon the revised estimated holding periods of certain individual assets were below the individual asset's carrying value.