Annual report pursuant to Section 13 and 15(d)

Disposition of Properties

v3.8.0.1
Disposition of Properties
12 Months Ended
Dec. 31, 2017
Disposition of Properties [Abstract]  
Disposition of Properties
Disposition of Properties

The following table sets forth the properties sold for the years ended 2017, 2016 and 2015 (in thousands):
Properties
 
Locations
 
Date Sold
 
Square Feet
 
Net Sales Proceeds
 
Gain on Sale
 
 
 
 
 
 
 
 
 
 
 
2017 Dispositions:(1)
 
 
 
 
 
 
 
 
 
 
Westbrook
 
Westbrook, CT
 
May 2017
 
290

 
$
39,213

 
$
6,943

 
 
 
 
 
 
 
 
 
 
 
2016 Dispositions:(1)
 
 
 
 
 
 
 
 
 
 
Fort Myers
 
Fort Myers, FL
 
January 2016
 
199

 
$
25,785

 
$
4,887

Land outparcel
 
Myrtle Beach, SC
 
September 2016
 

 
$
2,921

 
1,418

 
 
 
 
 
 
 
 
 
 
$
6,305

 
 
 
 
 
 
 
 
 
 
 
2015 Dispositions:(1)(2)
 
 
 
 
 
 
 
 
 
 
Barstow
 
Barstow, CA
 
October 2015
 
171

 
$
105,793

 
$
86,506

Kittery I and II, Tuscola, and West Branch
 
Kittery, ME, Tuscola, IL, and West Branch, MI
 
September 2015
 
439

 
$
43,304

 
20,215

 
 
 
 
 
 
 
 
 
 
$
106,721


(1)
The rental properties did not meet the criteria set forth in the guidance for reporting discontinued operations (See Note 2), thus their results of operations have remained in continuing operations.
(2)
We received combined net proceeds of $149.1 million of which $121.3 million was recorded in restricted cash as of December 31, 2015. The restricted cash represented the cash proceeds from property sales that were being held by a qualified intermediary for such amounts subsequently being invested in the 2016 period in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended.