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Dispositions
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions DISPOSITIONS
The Company closed on the following dispositions during the year ended December 31, 2019:
Date
 
Property Name
 
Property Type
 
Square
Footage
 
Consideration
 
Aggregate
Proceeds, Net (a)
 
Gain
March 8, 2019
 
Edwards Multiplex – Fresno (b)
 
Single-user retail
 
94,600

 
$
25,850

 
$
21,605

 
$
8,449

June 28, 2019
 
North Rivers Towne Center
 
Multi-tenant retail
 
141,500

 
18,900

 
17,989

 
6,881

 
 
 
 
 
 
236,100

 
$
44,750

 
$
39,594

 
$
15,330

(a)
Aggregate proceeds are net of transaction costs.
(b)
Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition.
During the year ended December 31, 2019, the Company also received net proceeds of $5,062 and recognized a gain of $3,542 in connection with the sale of the second and third phases of a land parcel at One Loudoun Downtown, which included rights to develop 22 residential units. The aggregate proceeds from the property dispositions and other transactions during the year ended December 31, 2019 totaled $44,656, with aggregate gains of $18,872.
As of December 31, 2019 and 2018, no properties qualified for held for sale accounting treatment.
The Company closed on the following dispositions during the year ended December 31, 2018:
Date
 
Property Name
 
Property Type
 
Square
Footage
 
Consideration
 
Aggregate
Proceeds, Net (a)
 
Gain
January 19, 2018
 
Crown Theater
 
Single-user retail
 
74,200

 
$
6,900

 
$
6,350

 
$
2,952

February 15, 2018
 
Cranberry Square
 
Multi-tenant retail
 
195,200

 
23,500

 
23,163

 
10,174

March 7, 2018
 
Rite Aid Store (Eckerd)–Crossville, TN
 
Single-user retail
 
13,800

 
1,800

 
1,768

 
157

March 20, 2018
 
Home Depot Plaza (b)
 
Multi-tenant retail
 
135,600

 
16,250

 
15,873

 
—

March 21, 2018
 
Governor's Marketplace (c)
 
Multi-tenant retail
 
243,100

 
23,500

 
22,400

 
8,836

March 28, 2018
 
Stony Creek I & Stony Creek II (d)
 
Multi-tenant retail
 
204,800

 
32,800

 
32,078

 
11,628

April 19, 2018
 
CVS Pharmacy – Lawton, OK
 
Single-user retail
 
10,900

 
1,600

 
1,596

 
—

May 31, 2018
 
Schaumburg Towers
 
Office
 
895,400

 
86,600

 
73,315

 
—

December 28, 2018
 
Orange Plaza (Golfland Plaza)
 
Multi-tenant retail
 
58,200

 
8,450

 
7,566

 
—

 
 
 
 
 
 
1,831,200

 
$
201,400

 
$
184,109

 
$
33,747

(a)
Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $169 of condemnation proceeds, which did not result in any additional gain recognition.
(b)
The Company repaid a $10,750 mortgage payable in conjunction with the disposition of the property.
(c)
The Company recorded an additional gain on sale of $1,407 during the three months ended September 30, 2018 upon satisfaction of performance obligations associated with escrow agreements executed upon disposition of the property.
(d)
The terms of the disposition of Stony Creek I and Stony Creek II were negotiated as a single transaction.
During the year ended December 31, 2018, the Company also received net proceeds of $11,820 and recognized a gain of $2,179 in connection with the sale of air rights at Circle East. In addition, the Company received net proceeds of $1,789 and recognized a gain of $1,285 in connection with the sale of the first phase of a land parcel, which included rights to develop eight residential units, at One Loudoun Downtown. The aggregate proceeds from the property dispositions and other transactions during the year ended December 31, 2018 totaled $197,887 with aggregate gains of $37,211.
During the year ended December 31, 2017, the Company sold 47 properties aggregating 5,810,700 square feet for total consideration of $917,808. The property dispositions and certain additional transactions, including the receipt of escrow funds related to a property disposition and a condemnation award, resulted in aggregate proceeds of $896,456 with aggregate gains of $337,975. During the year ended December 31, 2017, the Company repaid or defeased $241,858 in mortgages payable prior to or in connection with the 2017 dispositions.