Property Dispositions and Real Estate Impairment

12 Months Ended

Dec. 31, 2017

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

Property Dispositions and Real Estate Impairment

For the years ended December 31, 2017, 2016 and 2015, the Company disposed of its interests in certain properties generating aggregate net proceeds of $223,853, $370,038 and $156,461, respectively, which resulted in gains on sales of $63,428, $81,510 and $24,884, respectively. For the years ended December 31, 2017, 2016 and 2015, the Company recognized net debt satisfaction gains (charges) relating to properties ultimately sold of $5,938, $(532) and $21,498, respectively. The results of operations for properties disposed of in 2017 and 2016, that were not classified as held for sale as of December 31, 2015, are included within continuing operations in the consolidated financial statements. At December 31, 2017 and 2016, the Company had one and two properties, respectively, classified as held for sale.

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



	December 31, 2017		December 31, 2016
Assets:
Real estate, at cost	$	2,827	$	25,957
Real estate, intangible assets	—		7,789
Accumulated depreciation and amortization	—		(13,346		)
Rent receivable - deferred	—		1,715
Other	—		1,693
	$	2,827	$	23,808
Liabilities:
Other	$	—	$	191
	$	—	$	191

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 2017, 2016 and 2015, the Company recognized impairment charges of $39,702, $100,195 and $36,832 on assets that were sold, impaired prior to sale or held for use. 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.

LCIF [Member]

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

Property Dispositions and Real Estate Impairment

For the years ended December 31, 2017 and 2016, the Partnership disposed of its interests in certain properties generating aggregate net proceeds of $17,847 and $238,891, respectively, which resulted in gains on sales of $4,491 and $36,380, respectively. During 2017, 2016 and 2015, the Partnership recognized aggregate impairment charges of $5,259, $72,072 and $787, respectively, relating to properties that were ultimately disposed. The aggregate 2016 impairment charges related primarily to the sale of three land investments in New York, New York for $65,500. For the year 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, 2017 and 2016, the Partnership had no properties classified as held for sale.

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. During 2017, the Partnership recognized an impairment charge of $6,802 on a partially vacant office property located in Florence, South Carolina.