| 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):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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.
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