Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 4 –Discontinued Operations

The following is a summary of the components of income from discontinued operations applicable to properties classified as such prior to the adoption in 2014 of guidance for reporting discontinued operations:

	Years ended December 31,
	2015		2014
REVENUES
Rents	$	38,000	$	2,698,000
Expense recoveries and other		1,000		918,000
Total revenues		39,000		3,616,000
EXPENSES
Operating, maintenance and management		20,000		783,000
Real estate and other property related-taxes		7,000		555,000
Interest		—		631,000
Total expenses		27,000		1,969,000
Income from operations		12,000		1,647,000
Impairment reversals		153,000		47,000
Gain on extinguishment of debt obligations		—		1,423,000
Gain on sales		—		7,963,000
Total income from discontinued operations	$	165,000	$	11,080,000

2015 Transaction

On February 2, 2015, the Company sold Huntingdon Plaza, located in Huntingdon, Pennsylvania, for $2.2 million.

2014 Transactions

During 2014, the Company sold or conveyed the following properties classified as discontinued operations:

		Date	Sales			Gain on
Property	Location	Sold	Price			Sale
Harbor Square (f/k/a Shore Mall)	Egg Harbor, NJ	2/25/2014	$	25,000,000		$	-
McCormick Place	Olmstead, OH	5/6/2014		2,679,000	(a)		—
Gahanna Discount Drug Mart Plaza	Columbus, OH	5/27/2014		4,982,000	(a)		—
Townfair Center	Indiana, PA	5/29/2014		22,600,000			1,472,000
Lake Raystown Plaza	Huntingdon, PA	6/25/2014		19,500,000			6,491,000
			$	74,761,000		$	7,963,000

(a)Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer.

On May 6, 2014, the McCormick Place lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $2.7 million. Based on the $1.8 million carrying value of the property, the Company recorded a $0.8 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations.

On May 27, 2014, the Gahanna Discount Drug Mart Plaza lender accepted and recorded the deed to the property, thus completing the deed-in-lieu of foreclosure process in full satisfaction of the mortgage loan payable and related accrued interest aggregating $5.0 million. Based on the $4.3 million carrying value of the property, the Company recorded a $0.6 million gain on the extinguishment of a debt obligation in the second quarter of 2014, which is included in discontinued operations in the accompanying consolidated statement of operations.