Disposition of Properties and Properties Held for Sale |
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Disposition of Properties and Properties Held for Sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposition of Properties and Properties Held for Sale |
Disposition of Properties and Properties Held for Sale
In the third quarter of 2015, we sold our Kittery, Tuscola, and West Branch outlet centers for a gain of $20.2 million. We received net proceeds of $43.3 million of which $42.9 million is recorded in restricted cash as of September 30, 2015. The restricted cash represents the cash proceeds from property sales that are being held by a qualified intermediary in anticipation of such amounts subsequently being invested in a tax efficient manner
under Section 1031 of the Internal Revenue Code of 1986, as amended.
During the third quarter of 2015, we also entered into a contractual agreement to sell our Barstow outlet center, the sale of which closed in October 2015. The Barstow outlet center has been classified as rental property held for sale as of September 30, 2015 on the consolidated balance sheets.
The following table sets forth certain summarized information regarding the properties sold during the quarter and the property held for sale as of September 30, 2015:
The rental properties sold and held for sale did not meet the criteria set forth in the newly-adopted guidance for reporting discontinued operations, thus their results of operations have remained in continuing operations.
The carrying values of the assets held for sale at September 30, 2015 and December 31, 2014 were comprised of the following (in thousands):
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- Definition Disposition of Properties and Properties Held for Sale [Abstract] No definition available.
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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