NOTE 3: ASSETS HELD FOR SALE

Assets Held for Sale—Assets held for sale in the Company’s unaudited Condensed Consolidated Balance Sheet consisted of the following (in thousands):



	March 31, 2016		December 31, 2015
Real estate	$	313,235	$	206,422

As of March 31, 2016, the Company has 17 real estate properties held for sale, including Tribune Tower in Chicago, IL, the north block of the Los Angeles Times Square property in downtown Los Angeles, CA and the Olympic Printing Plant facility in the Arts District of downtown Los Angeles, CA (the “Marquee Properties”). The combined net carrying value of $313 million and $206 million for the properties held for sale is included in assets held for sale in the Company’s Consolidated Balance Sheet at March 31, 2016 and December 31, 2015, respectively, of which $206 million is attributable to the Marquee Properties at both March 31, 2016 and December 31, 2015.

In the first quarter of 2016, the Company began the process to sell 13 real estate properties and recorded charges of $8 million to write down certain properties to their estimated fair value, less the expected selling costs which were determined based on certain assumptions and judgments that are Level 3 within the fair value hierarchy.

Sales of Real Estate—On May 2, 2016, the Company sold its Deerfield Beach, FL property for net proceeds of $24 million. On April 13, 2016, the Company entered into an agreement to sell a property located in Pennsylvania, and on May 5, 2016, the Company entered into agreements for the sales of the Los Angeles Times Square property and the Olympic Printing Plant facility. Each of the agreements is subject to certain adjustments and customary closing conditions. There can be no assurance that these sales will be completed in a timely manner or at all. The previous agreement for the sale of the Los Angeles Times Square property, which was entered into on December 28, 2015, was terminated during the first quarter of 2016.

During the first quarter of 2015, the Company sold two properties which were located in Bel Air, MD and Newport News, VA for net proceeds of $5 million and recorded a net loss of less than $1 million that is included in selling, general and administrative expenses.