Annual report pursuant to Section 13 and 15(d)

Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)

v3.6.0.2
Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Summary Properties Sold
During the year ended December 31, 2016, we continued to execute our capital recycling program, whereby we opportunistically sold properties outside of our core markets and redeployed proceeds to fund property acquisitions in our target secondary growth markets. During the year ended December 31, 2016, we sold six non-core properties located in Dayton, Ohio, Rock Falls, Illinois, Angola, Indiana (2 properties), Montgomery, Alabama, and Toledo, Ohio, which are summarized below (dollars in thousands):

Aggregate Square Footage Sold
 
Aggregate Sales Price
 
Aggregate Sales Costs
 
Aggregate Impairment Charge for the Year Ended December 31, 2016
 
Aggregate Gain on Real Estate, net
266,814

 
$
7,106

 
$
433

 
$
230

 
$
242

Components of Operating Income from Real Estate and Related Assets Disposed
The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands):
 
 
 
For the year ended December 31,
 
 
2016
 
2015
 
2014
Operating revenue
 
$
1,214

 
$
1,227

 
$
1,205

Operating expense
 
974


348

 
327

Other expense
 
(397
)
 
(547
)
 
(555
)
(Loss) income from real estate and related assets held for sale
 
$
(157
)
 
$
332

 
$
323

The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2016, 2015, and 2014, respectively (dollars in thousands):
 
 
 
For the year ended December 31,
 
 
2016
 
2015
 
2014
Operating revenue
 
$
647

 
$
1,045

 
$
1,272

Operating expense
 
469


1,071


564

Other income (expense)
 
47

 
(353
)
 
(406
)
Income (loss) from real estate and related assets sold
 
$
225

 
$
(379
)
 
$
302

 
Components of Assets and Liabilities Held for Sale
The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying consolidated balance sheet (dollars in thousands):
 
 
 
December 31, 2016
 
December 31, 2015
ASSETS HELD FOR SALE
 
 
 
 
Real estate, at cost
 
$
11,454

 
$
1,899

Less: accumulated depreciation
 
2,668

 
846

Total real estate held for sale, net
 
8,786

 
1,053

Lease intangibles, net
 
200

 
—

Deferred rent receivable, net
 
575

 
—

Other assets
 
1

 
24

TOTAL ASSETS HELD FOR SALE
 
$
9,562

 
$
1,077

LIABILITIES HELD FOR SALE
 
 
 
 
Deferred rent liability, net
 
$
755

 
$
—

Asset retirement obligation
 
286

 
75

Accounts payable and accrued expenses
 
—

 
1

Other liabilities
 
—

 
792

TOTAL LIABILITIES HELD FOR SALE
 
$
1,041

 
$
868