DISPOSITIONS AND HELD FOR SALE

12 Months Ended

Dec. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

NOTE 7. 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 gain or loss, are included in net income (loss) for all periods presented, as applicable.

2020 Dispositions

The Company realized a gain of $4,696 primarily related to the sale of eight outparcels during the year ended December 31, 2020.

The Company recognized a gain on extinguishment of debt for the properties listed below, which represented the amount by which the outstanding debt balance exceeded the net book value of the property as of the transfer date. See Note 9 for more information.

Sale/Transfer Date	Property	Property Type	Location	Balance of Non-recourse Debt		Gain on Extinguishment of Debt
August	Hickory Point Mall ⁽¹⁾	Malls	Forsyth, IL	$	27,446	$	15,446
December	Burnsville Center ⁽¹⁾	Malls	Burnsville, MN		64,233		17,075
				$	91,679	$	32,521

(1)	The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.

2019 Dispositions

Net proceeds realized from the 2019 dispositions listed below were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2019 dispositions:

				Sales Price
Sales Date	Property	Property Type	Location	Gross		Net		Gain
January	Cary Towne Center ⁽¹⁾	Malls	Cary, NC	$	31,500	$	31,068	$	—
April	Honey Creek Mall ⁽²⁾	Malls	Terre Haute, IN		14,600		14,360		—
April	The Shoppes at Hickory Point	Malls	Forsyth, IL		2,508		2,407		1,326
June	Courtyard by Marriott at Pearland Town Center	All Other	Pearland, TX		15,100		14,795		1,910
July	850 Greenbrier Circle	All Other	Chesapeake, VA		10,500		10,332		96
July	Kroger at Foothills Plaza	All Other	Maryville, TN		2,350		2,267		1,139
July	The Forum at Grandview ⁽³⁾	All Other	Madison, MS		31,750		31,606		47
July	Barnes & Noble parcel	All Other	High Point, NC		2,000		1,899		821
September	Dick's Sporting Goods at Hanes Mall	All Other	Winston-Salem, NC		10,000		9,649		2,907
				$	120,308	$	118,383	$	8,246

(1)	See below for more information regarding the sale of Cary Towne Center.

(2)

The Company recognized a loss on impairment of $2,284 in March 2019 when it adjusted the book value of the mall to the net sales price based on a signed contract with a third-party buyer and recognized $(239) in April 2019 related to a true-up of closing costs. See Note 17 for additional information.

(3)	The Company recognized a loss of impairment of $8,582 in June 2019 when it adjusted the book value to the net sales price based on a signed contract with a third-party buyer, adjusted to reflect the estimated disposition costs. See Note 17 for additional information.

The Company realized gains of $6,434 related to the sale of five outparcels and a gain of $1,627 related to the formation of three joint ventures during the year ended December 31,2019. Also, the Company realized a loss of $33 related to prior period adjustments.

Sale/Transfer Date	Property	Property Type	Location	Balance of Non-recourse Debt		Gain on Extinguishment of Debt
January	Acadiana Mall ⁽¹⁾	Malls	Lafayette, LA	$	119,760	$	61,795
January	Cary Towne Center ⁽²⁾	Malls	Cary, NC		43,716		9,927
				$	163,476	$	71,722

(1)	The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.

(2)	The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven.

In a separate transaction during January 2019, the Company also sold an anchor store parcel and vacant land at Acadiana Mall, which were not collateral on the loan, for a cash price of $4,000. A loss on impairment of real estate of $1,593 was recorded in 2018 to write down the book value of the anchor store parcel and vacant land to its then estimated fair value.

2018 Dispositions

Net proceeds realized from the 2018 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2018 dispositions:

				Sales Price
Sales Date	Property	Property Type	Location	Gross		Net		Gain
March	Gulf Coast Town Center - Phase III	All Other	Ft. Myers, FL	$	9,000	$	8,769	$	2,236
July	Janesville Mall ⁽¹⁾	Malls	Janesville, WI		18,000		17,783		—
August	Statesboro Crossing ⁽²⁾	All Other	Statesboro, GA		21,500		10,532		3,215
October	Parkway Plaza	All Other	Fort Oglethorpe, GA		16,500		16,318		1,419
November	College Square ⁽³⁾	Malls	Morristown, TN		—		—		742
Various	Prior Sales Adjustments	All Other			—		—		(141	)
				$	65,000	$	53,402	$	7,471

(1)	The Company recognized a loss on impairment of $18,061 in 2018 when it adjusted the book value of the mall to its estimated fair value based upon a contract with a third-party buyer, adjusted to reflect disposition costs. See Note 17 additional information.

(2)	In conjunction with the sale of this 50/50 consolidated joint venture, the loan secured by the community center was retired. The Company received 100% of the net proceeds from the sale in accordance with the terms of the joint venture agreement.

(3)	The Company received additional consideration per the terms of the sales contract related to the completion of an outparcel construction project.

The Company also realized a gain of $11,530 primarily related to the sale of twelve outparcels and from several outparcels sold through eminent domain proceedings during the year ended December 31, 2018.