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)
 6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Summary of Sold Properties
During the six months ended June 30, 2017, we sold three non-core properties located in Franklin, New Jersey, Hazelwood, Missouri, and Concord Township, Ohio, which are summarized below (dollars in thousands):

Aggregate Square Footage Sold
 
Aggregate Sales Price
 
Aggregate Sales Costs
 
Aggregate Impairment Charge for the Six Months Ended June 30, 2017
 
Aggregate Gain on Sale of Real Estate, net
507,455

 
$
25,802

 
$
512

 
$
1,308

 
$
3,992

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 and six months ended June 30, 2017, and 2016 (dollars in thousands):

 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Operating revenue
 
$
803

(1)
$
645

 
$
1,280

(1)
$
1,290

Operating expense
 
75

 
199

 
1,491

(3)
413

Other (expense) income, net
 
(1,914
)
(2)
(90
)
 
3,830

(4)
(218
)
Income (loss) from real estate and related assets sold
 
$
(1,186
)
 
$
356

 
$
3,619

 
$
659


(1) Includes $0.6 million lease termination revenue from canceling a lease obligation with a tenant that acquired one property from us during the three and six months ended June 30, 2017. This fee is recorded as rental revenue on the condensed consolidated statement of operations.
(2) Includes $1.9 million loss on sale, net, from two non-core property sales.
(3) Includes $1.3 million impairment charge.
(4) Includes a $4.0 million gain on sale, net from our three non-core property sales.

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 June 30,
 
For the six months ended June 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
Operating revenue
 
$
—

 
$
—

 
$
—

 
$
—

 
Operating expense
 
345

(1)
109

 
2,924

(3)
251

 
Other income, net
 
—


240

(2)
—

 
148

(2)
(Loss) income from real estate and related assets held for sale
 
$
(345
)
 
$
131

 
$
(2,924
)
 
$
(103
)
 

(1) Includes $0.3 million impairment charge.
(2) Includes $0.3 million of legal settlement income.
(3) Includes $2.7 million impairment charge.

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):
 
 
June 30, 2017
 
December 31, 2016
Assets Held for Sale
 
 
 
Real estate, at cost
$
6,622

 
$
11,454

Less: accumulated depreciation
2,414

 
2,668

Total real estate held for sale, net
4,208

 
8,786

Lease intangibles, net
—

 
200

Deferred rent receivable, net
—

 
575

Other assets
—

 
1

Total Assets Held for Sale
$
4,208

 
$
9,562

Liabilities Held for Sale
 
 
 
Deferred rent liability, net
$
—

 
$
755

Asset retirement obligation
—

 
286

Total Liabilities Held for Sale
$
—

 
$
1,041