Property Dispositions, and Real Estate Impairment

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions, Discontinued Operations and Real Estate Impairment

Property Dispositions and Real Estate Impairment

During the three months ended March 31, 2017, the Company sold its interests in various properties for an aggregate gross sales price of $92,756. During the three months ended March 31, 2016, the Company disposed of its interest in various properties for an aggregate gross sales price of $58,225 and disposed of its interest in a vacant parcel of land for a gross sales price of $400.

During the three months ended March 31, 2017 and 2016, the Company recognized aggregate gains on sales of properties of $34,193 and $17,015, respectively. In addition, during the three months ended March 31, 2016, the Company recognized a debt satisfaction charge of $162 relating to a sold property. During the three months ended March 31, 2017, the Company recognized aggregate impairment charges of $2,698 relating to properties that were sold.

As of March 31, 2017 and December 31, 2016, the Company had one property and two properties, respectively, classified as held for sale.

Assets and liabilities of held for sale properties as of March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017			December 31, 2016
Assets:
Real estate, at cost	$	6,011		$	25,957
Real estate, intangible assets	5,589			7,789
Accumulated depreciation and amortization	(2,319		)	(13,346		)
Rent receivable - deferred	799			1,715
Other assets	—			1,693
	$	10,080		$	23,808
Liabilities:
Other	$	48		$	191
	$	48		$	191

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. Other than properties sold during the three months ended March 31, 2017, no properties were impaired during the three months ended March 31, 2017 and 2016.