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Lease Liability Extinguishment Gain (Transaction Related Costs and Impairment Losses)
 6 Months Ended
Jun. 30, 2020
Transaction Related Costs, Impairment Losses and Other [Abstract]  
Lease Liability Extinguishment Gain (Transaction Related Costs and Impairment Losses)
Lease Liability Extinguishment Gain (Transaction Related Costs and Impairment Losses)
The following table sets forth the details of lease liability extinguishment gain (transaction related costs and impairment losses):
(Amounts in thousands)
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss) (see below for details)
$
70,260

 
$
(93,860
)
 
$
70,260

 
$
(93,860
)
Transaction related costs
(1,039
)
 
(230
)
 
(1,110
)
 
(379
)
Other non-cash impairment losses
—

 
(7,500
)
 
—

 
(7,500
)
 
$
69,221

 
$
(101,590
)
 
$
69,150

 
$
(101,739
)

608 Fifth Avenue
During the second quarter of 2019, Arcadia Group US Ltd ("Arcadia Group"), the operator of Topshop, our retail tenant at 608 Fifth Avenue, filed for Chapter 15 bankruptcy protection in the United States. On June 28, 2019, Arcadia Group closed all of its stores in the United States. 608 Fifth Avenue was subject to a land and building lease which was set to expire in 2033. During the second quarter of 2019, we concluded that the carrying amount of the property was not recoverable and recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income, of which $75,220,000 resulted from the impairment of our right-of-use asset.
On May 20, 2020, we entered into an agreement with the land and building lessor at 608 Fifth Avenue to surrender the property. Per the terms of the agreement, we were released from our obligations under the lease and assigned all of our right, title and interest in the tenant leases of 608 Fifth Avenue to the land and building lessor. In connection therewith, we removed the lease liability from our consolidated balance sheets which resulted in a $70,260,000 gain recorded on our consolidated statements of income during the second quarter of 2020.