Investments in Real Estate

6 Months Ended

Jun. 30, 2018

The Company completed the following acquisition transactions during the six months ended June 30, 2018:



Property Type	Location	Acquisition Date	Initial Cost Basis		Lease Expiration	Land and Land Estate		Building and Improvements		Lease in-place Value Intangible		Below-Market Lease Intangible
Industrial	Olive Branch, MS	April 2018	$	44,090	07/2029	$	1,958	$	38,687	$	3,445	$	—
Industrial	Olive Branch, MS	April 2018	48,575		06/2021	2,500		42,538		5,151		(1,614		)
Industrial	Edwardsville, IL	June 2018	44,178		05/2030	3,649		41,292		3,467		(4,230		)
			$	136,843		$	8,107	$	122,517	$	12,063	$	(5,844	)

LCIF [Member]

Real Estate [Line Items]

Investments in Real Estate

Investment in Real Estate

The Partnership completed the following acquisition during the six months ended June 30, 2018:



Property Type	Location	Acquisition Date	Initial Cost Basis		Lease Expiration	Land and Land Estate		Building and Improvements		Lease in-place Value Intangible		Below-Market Lease Intangible
Industrial	Edwardsville, IL	June 2018	$	44,178	05/2030	$	3,649	$	41,292	$	3,467	$	(4,230	)

During the six months ended June 30, 2018, the Partnership disposed of its interest in two properties for a gross sale price of $66,799 and recognized an aggregate gain on sale of $15,362. As of June 30, 2018, $64,511 of the 2018 sale proceeds were held in an EAT and are included in restricted cash on the Partnership's consolidated balance sheet. During the six months ended June 30, 2017, the Partnership sold its interest in two vacant office properties for an aggregate gross sale price of $7,591 and recognized aggregate impairment charges of $5,259.

As of June 30, 2018, the Partnership had a specialty asset in Vineland, New Jersey classified as held for sale as the sale of the asset to a third party in the next 12 months was probable. The Partnership had no properties classified as held for sale at December 31, 2017. Assets held for sale as of June 30, 2018 consisted of $17,284 of real estate, net.

The Partnership 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, change in the estimated holding period of the asset 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 and the Partnership estimates that its cost will not be recovered. During the six months ended June 30, 2018, the Partnership recognized aggregate impairment charges on real estate properties of $23,938. Included in the impairment charges recognized during the six months ended June 30, 2018, is an impairment charge of $17,906 recognized on an office property in Overland Park, Kansas. The office property is encumbered at June 30, 2018 by a $32,411 non-recourse mortgage loan, which is $19,186 in excess of the property's estimated fair value.