Quarterly report pursuant to Section 13 or 15(d)

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

v3.8.0.1
Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)
 9 Months Ended
Sep. 30, 2017
Real Estate [Abstract]  
Summary of Sold Properties
During the nine months ended September 30, 2017, we sold four non-core properties located in Franklin, New Jersey, Hazelwood, Missouri, Concord Township, Ohio, and Newburyport, Massachusetts, which are summarized below (dollars in thousands):

Aggregate Square Footage Sold
 
Aggregate Sales Price
 
Aggregate Sales Costs
 
Aggregate Impairment Charge for the Nine Months Ended September 30, 2017
 
Aggregate Gain on Sale of Real Estate, net
593,763

 
$
30,302

 
$
803

 
$
3,999

 
$
3,993

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 nine months ended September 30, 2017, and 2016 (dollars in thousands):

 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
Operating revenue
 
$
—


$
642

 
$
1,280

(1)
$
1,932

 
Operating expense
 
31

 
962

(4)
4,446

(2)
1,626

(4)
Other (expense) income, net
 
1


(183
)
 
3,831

(3)
(253
)
 
Income (loss) from real estate and related assets sold
 
$
(30
)
 
$
(503
)
 
$
665

 
$
53

 

(1)
Includes a $0.6 million lease termination revenue from canceling a lease obligation with a tenant that acquired one property from us during the nine months ended September 30, 2017. This fee is recorded as rental revenue on the condensed consolidated statement of operations and other comprehensive income (loss).
(2)
Includes a $4.0 million impairment charge.
(3)
Includes a $4.0 million net gain on sale on four properties.
(4)
Includes a $0.7 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):
 
 
September 30, 2017
 
December 31, 2016
Assets Held for Sale
 
 
 
Real estate, at cost
$
—

 
$
11,454

Less: accumulated depreciation
—

 
2,668

Total real estate held for sale, net
—

 
8,786

Lease intangibles, net
—

 
200

Deferred rent receivable, net
—

 
575

Other assets
—

 
1

Total Assets Held for Sale
$
—

 
$
9,562

Liabilities Held for Sale
 
 
 
Deferred rent liability, net
$
—

 
$
755

Asset retirement obligation
—

 
286

Total Liabilities Held for Sale
$
—

 
$
1,041