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
The following table sets forth the properties sold for the years ended 2015 and 2014 (in thousands):
The rental properties did not meet the criteria set forth in the newly-adopted guidance for reporting discontinued operations (See Note 2—Summary of Significant Accounting Policies), thus their results of operations have remained in continuing operations.
2015 Dispositions
During 2015, we sold our Kittery I & II, Tuscola, and West Branch and Barstow outlet centers for a gain of $106.7 million, in aggregate, and we received a combined net proceeds of $149.1 million of which $121.3 million is recorded in restricted cash as of December 31, 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.
2014 Dispositions and assets held for sale
In the fourth quarter of 2014, we entered into an agreement with a private buyer to acquire our outlet center in Lincoln City, Oregon along with an option agreement to purchase an additional four properties, which have been classified as rental property held for sale as of December 31, 2014 on the consolidated balance sheets. Subsequently, the buyer purchased the Lincoln City outlet center in December 2014 for a gain of $7.5 million, but during 2015 chose not to exercise the option to purchase the additional four properties. In July 2015, we concluded that the sale of these four additional outlet centers was no longer probable, reclassified the assets from held for sale to held and used, and recorded an adjustment of approximately $1.6 million representing the depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used.
The carrying values of the assets classified as rental property held for sale at December 31, 2014 totaled $46.0 million and were comprised of the following (in thousands):
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