DISPOSITIONS AND HELD FOR SALE

The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center Properties described below, as well as any related gain or impairment loss, are included in net income for all periods presented, as applicable.

2016 Dispositions

Net proceeds realized from the 2016 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions by sale:



				Sales Price				Gain
Sales Date	Property	Property Type	Location	Gross		Net		Gain
December	Cobblestone Village at Palm Coast ⁽¹⁾	Community Center	Palm Coast, FL	$	8,500	$	8,106	$	—
December	Randolph Mall, Regency Mall & Walnut Square ⁽²⁾	Mall	Asheboro, NC Racine, WI Dalton, GA	32,250		31,453		—
September	Oak Branch Business Center ⁽³⁾	Office Building	Greensboro, NC	2,400		2,148		—
July	The Lakes Mall / Fashion Square ⁽⁴⁾	Mall	Muskegon, MI Saginaw, MI	66,500		65,514		273
May	Bonita Lakes Mall and Crossing⁽⁵⁾	Mall & Associated Center	Meridian, MS	27,910		27,614		208
April	The Crossings at Marshalls Creek	Community Center	Middle Smithfield, PA	23,650		21,791		3,239
March	River Ridge Mall⁽⁶⁾	Mall	Lynchburg, VA	33,500		32,905		—
				$	194,710	$	189,531	$	3,720


(1)	The Company recorded a loss on impairment of $6,298 to write down the community center to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016.


(2)	The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs.


(3)	The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs.

(4)

The Company recognized a loss on impairment of $32,096 in the second quarter of 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6.


(5)	The Company recognized a loss on impairment of $5,323 in the first quarter of 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs.

(6)

In the first quarter of 2016, the Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which is included in Investments in Unconsolidated Affiliates as of December 31, 2016 on the Company's consolidated balance sheet. See Note 5 for more information on this new joint venture.

See Note 15 for additional information related to the impairment losses described above.

The Company also realized a gain of $21,385 primarily related to the sale of 18 outparcels, $2,184 related to a parking deck project, $1,621 from a parcel project at The Outlet Shoppes at Atlanta and $657 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below.

2016 Held for Sale

Two office buildings, One Oyster Point and Two Oyster Point, are classified as held for sale, and the $5,861 on the Company's consolidated balance sheets at December 31, 2016 represents the net investment in real estate assets at December 31, 2016, which approximates 0.1% of the Company's total assets as of December 31, 2016. There are no other material assets or liabilities associated with these office buildings. The office buildings were sold subsequent to December 31, 2016. See Note 15 and Note 19 for additional information on these Properties.

2015 Dispositions

Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions:



				Sales Price				Gain
Sales Date	Property	Property Type	Location	Gross		Net		Gain
December	Mayfaire Community Center ⁽¹⁾	Community Center ⁽²⁾	Wilmington, NC	$	56,300	$	55,955	$	—
December	Chapel Hill Crossing ⁽³⁾	Associated Center	Akron, OH	2,300		2,178		—
November	Waynesville Commons	Community Center	Waynesville, NC	14,500		14,289		5,071
July	Madison Plaza	Associated Center	Huntsville, AL	5,700		5,472		2,769
June	EastGate Crossing ⁽⁴⁾	Associated Center	Cincinnati, OH	21,060		20,688		13,491
April	Madison Square ⁽⁵⁾	Mall	Huntsville, AL	5,000		4,955		—
				$	104,860	$	103,537	$	21,331


(1)	The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.


(2)	This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes.


(3)	The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.

(4)

In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. Additionally, the buyer assumed the mortgage loan on the Property, which had a balance of $14,570 at the time of the sale.


(5)	The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.

See Note 15 for additional information related to the impairment losses described above.

2014 Dispositions

Net proceeds from the 2014 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted.

The following is a summary of the Company's 2014 dispositions by sale:



				Sales Price				Gain
Sales Date	Property	Property Type	Location	Gross		Net		Gain
September	Pemberton Plaza ⁽¹⁾	Community Center	Vicksburg, MS	$	1,975	$	1,886	$	—
June	Foothills Plaza Expansion	Associated Center	Maryville, TN	2,640		2,387		937
May	Lakeshore Mall ⁽²⁾	Mall	Sebring, FL	14,000		13,613		—
				$	18,615	$	17,886	$	937


(1)	The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.

(2)

The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs.

The Company recognized a gain on extinguishment of debt for each of the Properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. See Note 6 for additional information. The following is a summary of the Company's other 2014 dispositions:

Balance of

Non-recourse Debt

Gain on

Extinguishment

of Debt

Disposal Date

Property

Property Type

Location

October

Columbia Place ⁽¹⁾

Mall

Columbia, SC

27,265

27,171

September

Chapel Hill Mall ⁽²⁾

Mall

Akron, OH

68,563

18,296

January

Citadel Mall ⁽³⁾

Mall

Charleston, SC

68,169

43,932

163,997

89,399


(1)	The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense.


(2)	The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense.


(3)	The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value.