Quarterly report pursuant to Section 13 or 15(d)

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

v3.7.0.1
Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Summary of Sold Properties
During the three months ended March 31, 2017, we sold one non-core property, which is summarized below (dollars in thousands):

Square Footage Sold
 
Sales Price
 
Sales Costs
 
Gain on Sale of Real Estate
183,000

 
$
12,800

 
$
402

 
$
5,906

Components of Operating Income from Real Estate and Related Assets Disposed
The table below summarizes the components of operating income from the real estate and related assets disposed of during the three months ended March 31, 2017, and 2016, respectively (dollars in thousands):

 
 
For the three months ended March 31,
 
 
2017
 
2016
Operating revenue
 
$
87

 
$
247

Operating expense
 
—

 
54

Other income (expense)
 
5,781

(1)
(93
)
Income from real estate and related assets sold
 
$
5,868

 
$
100


(1) Includes a $5.9 million gain on sale of our Franklin, New Jersey property.

Components of Income from Real Estate and Related Assets Held for Sale
The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands):
 
 
 
For the three months ended March 31,
 
 
2017
 
2016
Operating revenue
 
$
51

 
$
59

Operating expense
 
1

 
47

Other expense
 
(28
)
 
(36
)
Income (loss) from real estate and related assets held for sale
 
$
22

 
$
(24
)

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 condensed consolidated balance sheet (dollars in thousands):
 
 
March 31, 2017
 
December 31, 2016
Assets Held for Sale
 
 
 
Real estate, at cost
$
3,106

 
$
11,454

Less: accumulated depreciation
859

 
2,668

Total real estate held for sale, net
2,247

 
8,786

Lease intangibles, net
34

 
200

Deferred rent receivable, net
78

 
575

Other assets
—

 
1

Total Assets Held for Sale
$
2,359

 
$
9,562

Liabilities Held for Sale
 
 
 
Deferred rent liability, net
$
239

 
$
755

Asset retirement obligation
93

 
286

Total Liabilities Held for Sale
$
332

 
$
1,041