Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.10.0.1
Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Income From Discontinued Operations
As of December 31, 2018 and 2017, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands):
 
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Investment properties, net
 
$
4,912

 
$

Rents and other tenant receivables, net
 
72

 

Above market lease, net
 
420

 

Deferred costs and other assets, net
 
228

 

Total assets held for sale, excluding discontinued operations
$
5,632

 
$

 
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Loans payable
 
$
3,818

 
$

Accounts payable
 
240

 

Total liabilities associated with assets held for sale, excluding discontinued operations
$
4,058

 
$

As of December 31, 2018 and 2017, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands):
 
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Investment properties, net
 
$
3,350

 
$
9,135

Total assets held for sale, discontinued operations
 
$
3,350

 
$
9,135

    
 
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Loans payable
 
$
533

 
$
747

Accounts payable
 
41

 
45

Total liabilities associated with assets held for sale, discontinued operations
$
574

 
$
792


Dispositions
 
 
Property
 
Contract Price
 
Gain/(Loss)
 
Net Proceeds
 
 
 
 
(in thousands)
October 22, 2018
 
Monarch Bank Building
 
$
1,750

 
$
151

 
$
299

September 27, 2018
 
Shoppes at Eagle Harbor
 
5,705

 
1,270

 
2,071

June 19, 2018
 
Laskin Road Land Parcel (1.5 acres)
 
2,858

 
903

 
2,747

January 12, 2018
 
Chipotle Ground Lease at Conyers Crossing
 
1,270

 
1,042

 
1,160

June 27, 2017
 
Carolina Place Land Parcel (2.14 acres)
 
250

 
(12
)
 
238

June 26, 2017
 
Steak n' Shake outparcel at Rivergate (1.06 acres)
 
2,250

 
1,033

 
2,178

February 28, 2017
 
Ruby Tuesday's and Outback at Pierpont
 
2,285

 
1,502

 
1,871

June 29, 2016
 
Starbucks/Verizon
 
2,128

 
688

 
1,385

The following is a summary of the income from discontinued operations for the years ended December 31, 2018, 2017 and 2016 (in thousands):

 
 
 
 
 
 
Years Ended December 31,
 
 
 
 
 
 
2018
 
2017
 
2016
Revenues
 
 
 
 
 
$

 
$
26

 
$
284

Expenses
 
 
 
 
 

 
1

 
79

Impairment of land
 
3,938

 

 

Operating (loss) income
 
 
 
 
 
(3,938
)
 
25

 
205

Interest expense
 
 
 
 
 

 
9

 
69

(Loss) income from discontinued operations before gain on disposals
 
(3,938
)
 
16

 
136

Gain on disposal of properties
 
 
 
 
 
903

 
1,502

 
688

(Loss) income from discontinued operations
 
$
(3,035
)
 
$
1,518

 
$
824


The $3.94 million impairment of land is based on the carrying value of the properties exceeding the fair value, less estimated selling costs based on recent real estate sales transactions for undeveloped land within the surrounding markets. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs.