Provision for Impairment of Investment Properties (Tables)

6 Months Ended

Jun. 30, 2018

Impairment or Disposal of Tangible Assets Disclosure [Abstract]

Schedule of identified impairment indicators

As of June 30, 2018 and 2017, the Company identified indicators of impairment at certain of its properties. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of June 30, 2018 and 2017:

	June 30, 2018		June 30, 2017
Number of properties for which indicators of impairment were identified	2		7		(a)
Less: number of properties for which an impairment charge was recorded	—		2
Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded	—		2
Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary	2		3
Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b)	38	%	11	%

(a) Includes five properties which have subsequently been sold as of June 30, 2018.

(b) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed.

Schedule of investment property impairment charges

The Company recorded the following investment property impairment charges during the six months ended June 30, 2018:

Property Name	Property Type	Impairment Date	Square Footage	Provision for Impairment of Investment Properties
Schaumburg Towers (a)	Office	Various	895,400	$	1,116
CVS Pharmacy – Lawton, OK (b)	Single-user retail	March 31, 2018	10,900	200
				$	1,316
	Estimated fair value of impaired properties as of impairment date			$	76,871

(a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract.

(b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on April 19, 2018.

The Company recorded the following investment property impairment charges during the six months ended June 30, 2017:

Property Name	Property Type	Impairment Date	Square Footage	Provision for Impairment of Investment Properties
Century III Plaza, excluding the Home Depot parcel (a)	Multi-tenant retail	June 30, 2017	152,200	$	3,076
Lakepointe Towne Center (b)	Multi-tenant retail	June 30, 2017	196,600	9,958
				$	13,034
Estimated fair value of impaired properties as of impairment date				$	22,500

(a) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. This property was classified as held for sale as of June 30, 2017 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017.

(b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of June 30, 2017 and was sold on August 4, 2017.