Property Dispositions and Discontinued Operations

12 Months Ended

Dec. 31, 2016

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Property Dispositions and Real Estate Impairment

Property Dispositions and Real Estate Impairment

For the years ended December 31, 2016, 2015 and 2014, the Company disposed of its interests in certain properties (excluding Greenville, South Carolina in 2014, see note 6) generating aggregate net proceeds of $370,038, $156,461 and $226,375, respectively, which resulted in gains on sales of $81,510, $24,884 and $57,507, respectively. During 2016, 2015 and 2014, the Company recognized aggregate impairment charges of $73,772, $34,857 and $45,004, respectively, relating to properties that were ultimately disposed. The 2016 impairment charges include an aggregate impairment charge of $65,500 recognized on the sale of three land investments in New York, New York. For the years ended December 31, 2016, 2015 and 2014, the Company recognized net debt satisfaction gains (charges) relating to properties ultimately sold, including the Greenville, South Carolina property, of $(532), $21,498 and $(671), respectively. 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 consolidated financial statements. At December 31, 2016 and 2015, the Company had two properties classified as held for sale.

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

	December 31, 2016			December 31, 2015
Assets:
Real estate, at cost	$	25,957		$	16,590
Real estate, intangible assets	7,789			10,786
Accumulated depreciation and amortization	(13,346		)	(4,069		)
Rent receivable - deferred	1,715			1,118
Other	1,693			—
	$	23,808		$	24,425
Liabilities:
Mortgage payable	$	—		$	8,373
Other	191			32
	$	191		$	8,405

The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability and the potential sale 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 2016, 2015 and 2014, the Company recognized additional impairment charges of $26,423, $1,975 and $3,596 on assets that are included in real estate, net at December 31, 2016.

LCIF [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Property Dispositions and Real Estate Impairment

Sales of Real Estate, Discontinued Operations and Impairment

For the years ended December 31, 2016 and 2014, the Partnership disposed of its interests in certain properties generating aggregate net proceeds of $238,891, and $40,836, respectively, which resulted in gains on sales of $36,380 and $17,944, respectively. During 2016 and 2015, the Partnership recognized aggregate impairment charges of $72,072 and $787, respectively, relating to properties that were ultimately sold. The aggregate 2016 impairment charges related primarily to the sale of three land investments in New York, New York for $65,500. For the years ended December 31, 2016, the Partnership recognized debt satisfaction charges, net, relating to sold properties of $7,388. No properties were disposed of during the year ended December 31, 2015. At December 31, 2016 and 2015, the Partnership had no properties classified as held for sale.

In addition, the Partnership had a capitalized financing lease for a property located in Greenville, South Carolina, which was sold in 2014 for net proceeds of $11,491.

The Partnership assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale 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.

In 2014, the Partnership recognized a $2,500 loan loss on the loan receivable collateralized by the Southfield, Michigan property. During 2015 and 2014, the Partnership recognized aggregate interest income relating to impaired loans of $14 and $1,752, respectively.