Acquisitions, Dispositions and Held for Sale

Acquisitions

The Company did not acquire any consolidated shopping center properties during the six months ended June 30, 2016.

On June 18, 2015, the Company acquired a 100% interest in Mayfaire Town Center and Community Center, in Wilmington, NC, for a total cash purchase price of $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 of income was included in the consolidated financial statements for the year ended December 31, 2015. The pro forma effect of this acquisition was not material. Subsequent to its acquisition, the Company sold Mayfaire Community Center in December 2015. See details below.

Dispositions and Held for Sale

The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center properties described below, as well as any related impairment loss, are included in income from continuing operations for all periods presented, as applicable.

2016

Net proceeds realized from the 2016 dispositions were used to retire maturing loans and reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions:



				Sales Price
Sales Date	Property	Property Type	Location	Gross		Net		Gain
May	Bonita Lakes Mall and Crossing⁽¹⁾	Mall & Associated Center	Meridian, MS	$	27,910	$	27,770	$	140
April	The Crossings at Marshalls Creek	Community Center	Middle Smithfield, PA	23,650		21,799		3,281
March	River Ridge Mall⁽²⁾	Mall	Lynchburg, VA	33,500		32,959		—
				$	85,060	$	82,528	$	3,421


(1)	The Company recognized a loss on impairment of real estate of $5,323 in the first quarter of 2016 when it adjusted the book value of the properties to their contractual sales price, adjusted to reflect disposition costs. See Note 3 for more information.

(2)

In March 2016, the Company sold a 75% interest in River Ridge Mall, located in Lynchburg, VA. In the first quarter of 2016, the Company recorded a non-cash impairment of real estate of $9,510 to adjust the book value of the property to its net sales price. See Note 3 for more information. The Company retained a 25% ownership interest in the property, which is included in investments in unconsolidated affiliates as of June 30, 2016 on the Company's condensed consolidated balance sheet. See Note 5 for more information on this new joint venture.

See Note 16 for information on the sale of The Lakes Mall and Fashion Square subsequent to June 30, 2016. These properties are classified as held for sale and the $65,300 on the Company's condensed consolidated balance sheet represents the net investment in real estate assets at June 30, 2016, which approximates 1.0% of the Company's total assets as of June 30, 2016. A nonrecourse loan secured by Fashion Square with a balance of $38,237 as of June 30, 2016 is classified on the Company's condensed consolidated balance sheet as Liabilities Related to Assets Held for Sale.

2015

Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions:



				Sales Price
Sales Date	Property	Property Type	Location	Gross		Net		Gain
December	Mayfaire Community Center ⁽¹⁾	Community Center ⁽²⁾	Wilmington, NC	$	56,300	$	55,955	$	—
December	Chapel Hill Crossing ⁽³⁾	Associated Center	Akron, OH	2,300		2,178		—
November	Waynesville Commons	Community Center	Waynesville, NC	14,500		14,289		5,071
July	Madison Plaza	Associated Center	Huntsville, AL	5,700		5,472		2,769
June	EastGate Crossing ⁽⁴⁾	Associated Center	Cincinnati, OH	21,060		20,688		13,491
April	Madison Square ⁽⁵⁾	Mall	Huntsville, AL	5,000		4,955		—
				$	104,860	$	103,537	$	21,331


(1)	The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price.


(2)	This property was combined with Mayfaire Towne Center in the Malls category for segment reporting purposes.


(3)	The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price.

(4)

In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. In the second quarter of 2016, the Company earned $508 of contingent consideration related to lease of an additional specified tenant space and received $478 of net proceeds. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale.


(5)	The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price.