Quarterly report pursuant to Section 13 or 15(d)

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

v3.5.0.2
Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)
9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Schedule of Components of Income From Real Estate and Related Assets Dispositions [Table Text Block]
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, 2016, and 2015, respectively (dollars in thousands):
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Operating revenue
 
$
50

 
$
132

 
$
271

 
$
538

 
Operating expense
 
4

 
702

(1)
193

(2)
872

(1)
Other expense
 
(10
)
 
(41
)
 
(69
)

(155
)
 
Income (loss) from real estate and related assets sold
 
$
36

 
$
(611
)
 
$
9

 
$
(489
)
 
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 September 30,
 
For the nine months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Operating revenue
 
$
362

 
$
357

 
$
1,090

 
$
1,074

Operating expense
 
1,918

(1)
151

 
2,426

(2)
484

Other expense
 
(108
)

(138
)
 
(338
)

(412
)
(Loss) income from real estate and related assets held for sale
 
$
(1,664
)
 
$
68

 
$
(1,674
)
 
$
178

 
(1)
Includes $1.8 million impairment charge on our five properties held for sale.
(2)
Includes $2.0 million impairment charge on our five properties held for sale.

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, 2016
 
December 31, 2015
ASSETS HELD FOR SALE
 
 
 
Real estate, at cost
$
15,051

 
$
1,899

Less: accumulated depreciation
3,904

 
846

Total real estate held for sale, net
11,147

 
1,053

Lease intangibles, net
299

 

Deferred rent receivable, net
297

 

Other assets
5

 
24

TOTAL ASSETS HELD FOR SALE
$
11,748

 
$
1,077

LIABILITIES HELD FOR SALE
 
 
 
Deferred rent liability, net
$
239

 
$

Asset retirement obligation
449

 
75

Accounts payable and accrued expenses

 
1

Other liabilities

 
792

TOTAL LIABILITIES HELD FOR SALE
$
688

 
$
868