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



	June 30, 2016		December 31, 2015
Real estate	$	295,542	$	206,422

As of June 30, 2016, the Company had 15 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 (collectively, the “Marquee Properties”). In the second quarter of 2016, the Company suspended the sales process for two of its properties located in Hartford, CT and one property located in Portsmouth, VA. As a result, the Company reclassified the net book value of these properties totaling $11 million to property, plant and equipment in the Company’s Consolidated Balance sheet at June 30, 2016. The combined net carrying value of $296 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 June 30, 2016 and December 31, 2015, respectively, of which $206 million is attributable to the Marquee Properties at both June 30, 2016 and December 31, 2015.

In the first half of 2016, the Company began the process to sell several real estate properties and recorded charges of $8 million and $7 million in the first quarter of 2016 and the second quarter of 2016, respectively, 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 June 2, 2016, the Company sold its Allentown, PA property for net proceeds of $8 million and on May 2, 2016, the Company sold its Deerfield Beach, FL property for net proceeds of $24 million. In the second quarter of 2016, the Company recorded a net loss of less than $1 million on the sale of these properties that is included in selling, general and administrative expenses (“SG&A”).

On July 7, 2016, the Company sold its Seattle, WA property for net proceeds of $19 million and entered into a lease for the property. The Company expects to recognize a gain of $8 million on the sale which will be deferred and amortized over the life of the lease. On July 12, 2016, the Company sold two of its Orlando, FL properties for net proceeds of $34 million. The Company expects to record a net gain of $2 million on the sale of these properties that will be recorded in the third quarter of 2016. On July 14, 2016, the Company sold its Arlington Heights, IL property for net proceeds of $0.4 million. Each of these properties was classified as held for sale as of June 30, 2016.

Additionally, as of August 9, 2016, the Company has agreements for the sales of the Los Angeles Times Square property and the Olympic Printing Plant facility located in Los Angeles, CA, certain broadcasting properties located in Chicago, IL and Denver, CO and properties located in Baltimore, MD. All of these transactions are expected to close during the third quarter of 2016. Non-refundable deposits are currently held in escrow for the Los Angeles Times Square and Olympic Plant properties, subject to the terms of such sale agreements. The closing of these transactions is subject to certain adjustments and customary closing conditions and there can be no assurance that these sales will be completed in a timely manner or at all.

In the first half 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 for the six months ended June 30, 2015.